Needham & Company Upgrades OncoGenex Pharmaceuticals (OGXI) to Strong Buy
Needham & Company upgraded OncoGenex Pharmaceuticals (NASDAQ: OGXI) from Buy to Strong Buy with a price target of $30.00 (from $20.00).
The key upcoming driver for OGXI shares, pivotal SYNERGY data, should be 6 months away. However, we are upgrading our rating on OGXI to STRONG BUY now as our conviction for positive data remains high, and we believe valuation has become extremely compelling."
427 alone is worth the current price of entry thus getting a free call option on -011 and synergy trial data
2014 is the year of OGXI -011 & 427 news flow .............. $30 could be a low PT if all events are positive.
just a little reminder for those who are short .......... The 427 bladder cancer P2b trial is set up for a possible registration trial based on results and a willingness on the part of the FDA to give it a nod. At minimal it will replace the 1ST P3 so OGXI will only have to run ONE P3 for registration.
either way their will be a significant partnership signed for 427 as it will be viewed as a pipeline within a pipeline cancer drug and the street is HOT to TROT on potential $billion revenue Cancer franchise development companys.
They also seem to agree with tnk.shorting's contention in a prior thread that the recent success of Xtandi in its PREVAIL trial may be contributing to the weakness of OGXI's pps:
Analyst Chad Messer, Ph.D. comments, "Shares of OncoGenex have been sliding all year and have recently reached new 52-week lows since news of positive interim PREVAIL results from Medivation's (NASDAQ: MDVN) Xtandi. While Xtandi and other prostate cancer agents in development may eventually erode chemotherapy use in prostate cancer, this concern is nothing new and we do not believe it will have a material effect on the long-term value of OncoGenex.