FBR Remains Positive on Rexahn Pharma (RNN) Following RX-3117 Phase 1b/2a, Supinoxin Data Presentation
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FBR & Co. affirms Rexahn Pharma (NYSE: RNN) with an Outperform rating and $3 price target after the company presented preliminary efficacy data for RX-3117 in an ongoing Phase Ib/IIa clinical trial in patients with metastatic pancreatic cancer and provided an update on the Phase I clinical trial with Supinoxin (RX-5902).
The firm commented today,
Albeit early, clinical evidence seen thus far supports our confidence in the potential of RNN's product candidates to move forward into validation via larger, proof-of-concept (POC) trials in various tumor types. We think that RX-3117's preliminary activity is particularly noteworthy, as there are no approved treatments for pancreatic cancer patients who have failed two or more prior therapies, where survival is typically less than two months. More than 20% of patients treated with RX-3117 exhibited progression-free survival (PFS) of greater than four months. We look for near-term validation points from POC trials to be accretive to RNN shares within the next six to 12 months.
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