On Thursday, Shares of Rexahn Pharmaceuticals, Inc. (NYSEMKT:RNN) lost -26.14% to $0.455. The share price is trading in a range of $0.38 – 0.56. The stock exchanged hands with 41.13 million shares contrast to its average daily volume of 8.37 million shares.
Rexahn Pharmaceuticals, Inc. (RNN), a clinical stage biopharmaceutical company developing innovative, targeted therapeutics for the treatment of cancer, today announced that it will implement a 1-for-10 reverse stock split of outstanding shares of the Company’s common stock, together with a corresponding proportional reduction in the number of authorized shares of the Company’s capital stock. The Company expects that the reverse stock split will be effective on May 5, 2017 upon the filing and effectiveness of a Certificate of Amendment to the Company’s Certificate of Incorporation, and that trading of the Company’s common stock on the NYSE MKT will begin on a split-adjusted basis at the opening of trading on May 5, 2017. The authorized share reduction will be effective concurrently with the reverse stock split. As a result of the reverse stock split, each 10 shares of issued common stock will be converted into one share of common stock. Shareholders will receive cash in lieu of any fraction of a share that they would otherwise be entitled to receive as a result of the reverse stock split.
Peter D. Suzdak, Ph.D., Chief Executive Officer commented, “I want to thank our shareholders for their continued support of Rexahn. Our board has determined that this is an appropriate time to implement a reverse split and we believe that it will enhance the appeal of our common stock to the financial community, including institutional investors and the general investing public. The continued commitment of our shareholders has allowed us to progress the clinical development of our targeted therapies for the treatment of cancer patients. Rexahn’s clinical development candidates, RX-3117 with ongoing Phase IIa clinical trials in metastatic pancreatic cancer and metastatic muscle invasive bladder cancer, Supinoxin™ with an ongoing Phase IIa clinical trial in patients with metastatic triple negative breast cancer and Archexin® with an ongoing Phase IIa clinical trial in patients with metastatic renal cell carcinoma, have shown promise in early clinical trials and we look forward to reporting on additional Phase IIa clinical data from these trials during 2017.”
Rexahn Pharmaceuticals, Inc. (NYSEMKT:RNN) have shown a high EPS growth of 18.90% in the last 5 years and has earnings growth of 85.30% yoy. Analysts have a mean recommendation of 1.70 on this stock (A rating of less than 2 means buy, “hold” within the 3 range, “sell” within the 4 range, and “strong sell” within the 5 range). The stock appeared -35.92% below its 52-week highs and is down -29.41% for the last five trades.
Shares of Canadian Natural Resource Ltd (USA) (NYSE:CNQ) declined -1.19% to $33.29. The share price of the stock surged 16.89% for the year.
Analysts give CNQ a mean recommendation of 1.50. The company has grown 8.90% in past 3 months and in the last five trades has moved down -0.33%. The stock has earnings growth of 327.10% yoy and showed a high EPS growth of -15.70% over the past five years. The stock’s price moved up its 200-day moving average of $31.72. The stock is presently trading up its SMA-50 of $31.71.