I found it interesting that SN would come out with a BUY rating right before the Go/NO GO decision. Most analysts would wait till the results before making a rating decision in hind sight just to be on the right side. Instead SN sticks its head out before the GO/NO GO decision, makes me think they are very sure about the positive outcome.
I received a 26 page report from ONCY from Stifel. Some comments - We expect positive PFS data in Sept. for ongoing P111 Reo trials in H&N cancer, survival data in mid-2014, allowing for Reo commercialization in 2H2015.
A bit more on the BUY rating
Stifel Nicolaus initiated its coverage on Oncolytics Ciotech (NASDAQ: ONCY [FREE Stock Trend Analysis]) with a Buy rating and a price target of $6 a share.
Stifel Nicolaus commented, "We view ONCY's sole clinical candidate Reolysin as a compelling potential treatment for ~60% of cancers. Reolysin is a specific strain of a naturally occurring virus that only replicates in cancer cells with an activated Ras signaling pathway, a key metabolic pathway in cell metabolism that is mutated in over 60% of all carcinomas. Reolysin has demonstrated compelling efficacy in numerous oncology indications and as a live virus Reolysin's main side effect is "viral syndrome", not the typical side effects of chemotherapy."
Stifel Nicolaus initiates coverage on Oncolytics Biotech (NASDAQ: ONCY) with a Buy. PT $6.00.
For an analyst ratings summary and ratings history on Oncolytics Biotech click here. For more ratings news on Oncolytics Biotech click here.
Shares of Oncolytics Biotech closed at $2.64 yesterday, with a 52 week range of $2.50-$5.86.
There is no way that ONCY is only worth anything as low as $6/share. The existing phase 2 data for all indications combined is just too good for that, and the potential market size is huge. I think the analysts have just picked 2x share price so they can say "see I told you to buy it" if the stock takes off, rather than seriously trying to estimate the worth of the shares.
Sentiment: Strong Buy
Interesting. Earlier, they initiated coverage on ONTY, which apparently spurred on the vigorous rally in ONTY shares this week.
The pre-market bid for ONCY is well above the closing price.