RXi Pharmaceuticals: A Nearly 40% Sell-Off Creates A Unique Buying Opportunity, Says H.C. Wainwright
In a research report issued yesterday, H.C. Wainwright analyst Reni Benjamin reiterated a Buy rating on RXi Pharmaceuticals Corp (NASDAQ:RXII) with a price target of $9.00, following the company’s clinical trial updates.
Benjamin noted, “Yesterday, preliminary, one-month data from the first trial, focusing on lower abdominal hypertrophic scar revision, included statistically significant (p<0.001) improvement in one of two patient cohorts relative to a placebo control. Specifically, patients receiving treatments beginning two weeks after scar revision surgery had improved outcomes in 52 of 88 double-blind scar assessments (as reviewed by an independent blinded panel), whereas those receiving RXI-109 treatments beginning immediately after revision surgery showed less benefit (15 of 86 assessments). Because the study protocol includes an adaptive design, we believe these early clinical observations are critical for provide a clear path forward to optimize treatment schedules in additional cohorts, thereby boosting the chances of success for the entire program. With a strong proprietary platform technology focused on anti-scarring and ophthalmologic applications, a de-risked lead asset with the potential to enter multiple therapeutic areas, and a cash position of $11.9 MM, we believe yesterday’s sell-off of nearly 40% creates a unique buying opportunity with significant upside for the long-term investor.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Reni Benjamin has a total average return of -0.3% and a 35.7% success rate. Benjamin has a -23.0% average return when recommending RXII, and is ranked #2616 out of 3279 analysts.