Roth Capital Maintained Buy On Rexahn Pharmaceuticals On FDA Orphan Designation
In a research report issued yesterday, Roth Capital analyst Joseph Pantginis maintained a Buy rating on Rexahn Pharmaceuticals (NYSE:RNN) with a $3 price target, after the FDA granted Orphan Designation to Rexahn’s RX-3117 for pancreatic cancer.
Pantginis observed, “We are encouraged by the drug receiving Orphan Designation due to the potential for market exclusivity associated with the designation. Recall that dose escalation continues in the ongoing Phase Ib study of ‘3117, with patients currently in the fourth cohort. The company has previously stated that it is engaged in partnering discussions for ‘3117, and we believe that both the data readout from the dose escalation study and the granting of Orphan Designation could potentially catalyze these discussions.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Joseph Pantginis has a total average return of -7.7% and a 33.8% success rate. Pantginis has a -0.7% average return when recommending RNN, and is ranked #3284 out of 3304 analysts.