NEW YORK ( TheStreet) -- Rexahn Pharmaceuticals ( RNN) was rising 25% to $0.88 on Friday morning after Roth Capital Markets started coverage on the stock at a "Buy" rating.
Joe Pantiginis set the target price of the stock at $3 and cited the company's commitment to focus on cancer drugs as a reason for the positive rating. He noted that after multiple transition years, Rexahn could be on the cusp of a crucial year in which it could report critical data on several drug candidates.
Rexahn announced two years ago that it would stop working on its depression drug Serdaxin and would instead turn its attention to cancer treatments. The company's current drug candidates include Archexin, which is currently in mid-stage testing as a treatment for pancreatic cancer, RX-3117 and Supinoxin, both of which are currently being studied in early-stage trials.