NEW YORK (AP) -- Shares of Rexahn Pharmaceuticals rose Thursday after an analyst said the company has found a good path forward.
THE SPARK: Roth Capital Markets analyst Joe Pantiginis started coverage of Rexahn with a "Buy" rating and a price target of $3 per share. He applauded the company's decision to focus on cancer drugs and said that after a couple of years in transition, Rexahn is at the start of an important year when it could report key data on several drug candidates.
THE BIG PICTURE: Two years ago the company said it would end work on its depression drug Serdaxin and would focus on treatments for cancer. Its current drug candidates include Archexin, which is in mid-stage testing as a treatment for pancreatic cancer, and RX-3117 and Supinoxin, which are both being studied in early-stage trials.
In 2013, Peter Suzdak replaced company founder Chang Ahn as CEO. Ahn remains chairman of the company.
SHARE ACTION: Rexahn Pharmaceuticals Inc. stock advanced 8 cents, or 13 percent, to close at 70 cents. Earlier the stock reached an annual high of 77 cents.