Rexahn (NYSE Amex: RXX): 4 Consecutive Sessions Of Gains Suggest Price May Have Topped

Rexahn Pharmaceuticals (NYSE Amex: RXX) is trading higher for the fourth consecutive session, with volume at about par to that of the entire month of June. Shares have roughly doubled since the start of July, when the company said they filed an investigational new drug application (IND) with the Food and Drug Administration (FDA) for RX-5902, an experimental therapy “that inhibits the phosphorylated p68 RNA helicase, a protein that plays a key role in cancer growth, progression and metastasis”.

Shares of the biotech company have retreated slighly after topping out at $0.65 in early trading; technicals suggest the price is over-extended to the upside – at least in the short term.