MLV Reiterates Buy on Rexahn Pharmaceuticals, Inc. (RNN) Following 2Q:15 Update
MLV analyst Vernon Bernardino reiterated a Buy rating on shares of Rexahn Pharmaceuticals, Inc. (NYSEMKT:RNN) with a $1.25 price target, after the company released its second-quarter results and provided an update on its development program.
Bernardino observed, “We believe Rexahn will continue to make important advances in its clinical development and pipeline programs in 2H15. We anticipate the achievement of multiple clinical development milestones in 2H15, and with the shares down 20% YTD, we believe RNN shares are an attractive value proposition (enterprise value of $76MM for RNN vs. a mean $328MM for comparable oncology-focused companies).”
“RNN reported a net loss of $3.2MM, or ($0.02)/sh, which was in line with our estimates. As of June 30, 2015, RNN had cash and equivalents of $26.0MM. In our view, Rexahn practices austerity that we believe make its cash sufficient to fund operations through 2H16.”, the analyst added.
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Vernon Bernardino has a total average return of -17.9% and a 20.8% success rate. Bernardino has a -25.3% average return when recommending RNN, and is ranked #3704 out of 3731 analysts.
All the 3 analysts polled by TipRanks rate Rexahn Pharmaceuticals stock a Buy. With a return potential of 279.5%, the stock’s consensus target price stands at $2.13.