Yesterday, Rexahn Pharmaceuticals, Inc. (NYSEMKT:RNN) announced it will be presenting preliminary data for a Phase Ib/IIa trial of metastatic pancreatic cancer drug RX-3117 coupled with an updated dataset for a Phase I trial of Supinoxin (RX5902), designed to treat solid cancer tumors, at the European Society for Medical Oncology (ESMO) Congress about to be held in Copenhagen, Denmark from October 7th through the 11th.

On back of the announcement and ahead of the congress, FBR analyst Vernon Bernardino reiterates an Outperform rating on RNN with a price target of $3.00, which represents a 1,315% upside from where the shares last closed.

The analyst underscores, “Recall that in an early data set from the Phase Ib portion with RX-3117 showed that 12 of 41 heavily pre-treated patients (four or more prior therapies) with advanced metastatic disease had stable disease (SD) of up to 276 days. Recall also that early data showed 38% of heavily pre-treated patients in a Phase I study with Supinoxin had SD with three whose disease was stable for more than 500 days.”

“We look for presentations of updated data at ESMO (both scheduled on October 10) to further confirm the safety and efficacy signals that we have observed so far in ongoing clinical trials, and can set the stage for these drugs to advance into larger clinical trials in 2017,” Bernardino concludes.

As usual, we recommend taking analyst notes with a grain of salt. According to TipRanks, analyst Vernon Bernardino is ranked #4,081 out of 4,193 analysts. Bernardino has a 26% success rate and faces a loss of 15.5% in his yearly returns. When recommending RNN, Bernardino loses 35.8% in average profits on the stock.

Additionally, Roth Capital analyst Joseph Pantginis rates a Buy on RNN without listing a price target.RNN Chart