Maxim analyst Jason Kolbert downgraded Can-Fite BioPharma to Hold from Buy, saying the company's latest move to raise equity is no longer justifiable of a Buy rating. Kolbert notes that the equity dilution as part of the capital raise was unexpected, adding that the potential impact of raising "too little" capital may also result in more dilution down the line. The analyst also states that his concerns are hightened by limited near term catalysts as well as the expectations of operating capital burn rate of $21M this year against the company's estimated cash balance of $8M-$10M.