Rexahn Pharmaceuticals has three fourth-quarter catalysts on cancer drugs, and those events have it squarely in Kyle Dennis’ sights, as the director of BiotechBreakouts.com made the stock his breakout stock of the week Dennis said a recent stock offering should help to smooth performance in the weeks leading up to the first catalyst; he has been watching the stock for a few weeks and is waiting for the price to dip back to about $1.75, expecting it to hit a gap up to $2.20, with an outside chance at $2.80 if it fills the gap. His stop-loss on the stock will be set around $1.55.
Kyle Dennis is an events-based trader who runs Kyle Dennis’ Biotech Breakouts (biotechbreakouts.com). He had no shares, options or open orders in RNN when this interview was recorded on Oct. 24 but was watching the stock and looking to buy in and trade it as described in this conversation. The Raging Bull podcast features experts from the site talking with Raging Bull editor Chuck Jaffe on his show, “Money Life with Chuck Jaffe.” You can learn more about Chuck’s daily hour of market and personal-finance chat at MoneyLifeShow.com; you can subscribe to the Raging Bull podcast via iTunes and other podcast providers.