Needham & Company downgraded OncoGenex Pharmaceuticals (NASDAQ: OGXI) from Strong Buy to Hold with a price target of $14.00.
Analyst Chad Messer comments, "OncoGenex reported negative top line data from the pivotal SYNERGY trial testing custersin on top of 1st line chemotherapy with docetaxel in patients with metastatic castrate resistant prostate cancer (CRPC). Custersin failed to significantly increase overall survival (OS) in this study. These results are surprising given the highly significant 7 month benefit seen in an earlier, nearly identically designed, Phase II trial. However, we see no read hrough from SYNERGY's failure to other ongoing programs at OGXI. We continue to believe shares are significantly undervalued."