RXi Pharmaceuticals Corp (NASDAQ:RXII), a biotechnology company focused on discovering and developing innovative therapies primarily in the areas of dermatology and ophthalmology, today provided an update on the status of the Company’s Series A and Series A-1 Preferred Stock.

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At March 31, 2015, there were 3,085 and 21 shares of Series A Preferred Stock and Series A-1 Preferred Stock outstanding, respectively, or approximately 19% ownership on a fully-diluted basis. Subsequent to the quarter end, all such shares have been converted into common stock and the quarterly dividend payment date was accelerated to May 27, 2015, at which time the shares will be immediately converted into common stock. No further shares of Series A or Series A-1 Preferred Stock remain outstanding and no further dividends shall accrue.

After giving effect to the accelerated dividend payment, the Company will have 38,844,575 shares of common stock outstanding. (Original Source)

Shares of RXi Pharmaceuticals closed yesterday at $0.4631 . RXII has a 1-year high of $3.98 and a 1-year low of $0.45. The stock’s 50-day moving average is $0.63 and its 200-day moving average is $1.21.

On the ratings front, H.C. Wainwright analyst Reni Benjamin reiterated a Buy rating on RXII, with a price target of $5, in a report issued on March 31. The current price target represents a potential upside of 987.0% from where the stock is currently trading.

According to TipRanks.com, Benjamin has a total average return of -1.5%, a 37.3% success rate, and is ranked #3084 out of 3607 analysts.

RXi Pharmaceuticals Corpis a biotechnology company focused on discovering and developingtherapies addressing high unmet medical needs, in the areas of dermatology and ophthalmology.