UPDATE: Burrill Initiates Rexahn Pharmaceuticals at Market Outperform on Promising Oncology Drug

Burrill initiated coverage on Rexahn Pharmaceuticals RNN with a Market Outperform rating and a $1 price target. Burrill commented, "We believe that Rexahn's promising pipeline in oncology and CNS disorders is undervalued, and a successful result in any of the ongoing trials may offer significant upside for investors with high risk tolerance. … Rexahn's leading oncology drug, Archexin, is a first-in-class anti-sense drug targeting the Akt-1 gene, with an orphan designation for glioblastoma, pancreatic, stomach, ovarian, and renal cancers. Rexahn has completed a Phase 2a trial in pancreatic cancer, with promising survival data in a subset of evaluable patients." Rexahn Pharmaceuticals closed at $0.29 on Thursday.