UPDATE: Chardan Capital Markets Initiates Coverage on OHR Pharmaceutical with Buy Rating, $20 PT on Imminent OHR-102 Catalyst

In a report published Monday, Chardan Capital Markets analyst Gbola Amusa initiated coverage on OHR Pharmaceutical OHRP with a Buy rating and $20.00 price target. In the report, Chardan Capital Markets noted, “We initiate coverage of ophthalmology-focused Ohr Pharmaceutical, with a price target of $20. A defining phase II catalyst on lead compound, OHR-102 (0.2% squalamine lactate eye drops) in wet age-related macular degeneration (wet AMD) is imminent (by Q1 2015), with further phase II data in RVO, DME, and proliferative diabetic retinopathy expected in H1 2015. We note OHRP has announced discussions regarding ‘licensure, sale or acquisition' of its products or sale of the company. As the market is discounting less than 10% probability of success for OHR-102 in vast indications, despite positive signals in phase II interim data, we make OHRP one of our featured names across all market caps in biotechnology, and initiate with a Buy rating.” OHR Pharmaceutical closed on Friday at $7.51.