OncoGenex Pharmaceuticals, Inc. (NASDAQ: OGXI)
OncoGenex Pharmaceuticals is a pharmaceutical company that predominantly specializes in creating new treatments for cancer patients. It most recently announced the clearance of the Phase III ENSPIRIT trial of custirsen in second-line non-small-cell lung cancer, suggesting overall survival benefit at the time of analysis.
OGXI Earnings & Outlook
On July 14, OncoGenex Pharmaceuticals sent a research note to investors at William Blair stating that its target price has been upgraded from $5 to $6. The firm’s stock is currently rated as “Outperform”. OncoGenex traded up 3.04% on July 14, hitting $2.37. OCGX has a 52 week low of $1.74, and a 52 week high of $3.45. The market cap of OncoGenex Pharmaceuticals is $54.65 million. Given the results of the Phase III ENSPIRIT trial, the future looks bright for OncoGenex. OctaFinance.com
OncoGenex Pharmaceuticals’ CEO Comments
President and CEO of OncoGenex Scott Cormack has said, “Passing this important milestone strengthens our belief in custirsen and its potential to provide clinical benefit in this patient population with advanced disease and limited treatment options. While the ENSPIRIT results remain blinded, this news is particularly exciting following the protocol amendment, which set a high bar for continuing the trial.” The Street Insider
OGXI closed yesterday at $2.37 and gapped up to open at $2.54 which is 7% on positive news. Taking a look at the daily chart, we can see that OGXI previously reached these levels on March 4th, putting in a high of $2.61. On June 1, OGXI reached a high of $2.75 based on drug trial showing clinical benefit in metastatic bladder cancer. The first time it reached it these levels on March 4th, the stock started a downward trend until it reached its yearly low of $1.74 on May 11. The second time we hit these levels on June 1, the stock continued to rally to reach recent highs of $3.10 on June 10th due to FDA agreeing with OGXI Phase III affinity protocol amendment. The $3.00 – $3.10 price area will form as the first significant resistance level for the stock. The stock has a relatively low 22 million share float. Given this information, it has the ability to move on significant news and become a good momentum play. Let’s see if the stock can hold the $2.60 level and consolidate for a move up and test the resistance level of $3.00.
“OncoGenex Pharmaceuticals, Inc., a biopharmaceutical company, develops and commercializes therapies that address treatment resistance in cancer patients. The companys product candidates include Custirsen that is in Phase III clinical development for the treatment in men with metastatic castrate-resistant prostate cancer, as well as in patients with non-small cell lung cancer; and Apatorsen, which is in two Phase I and seven randomized Phase II trials for the treatment of bladder, lung, pancreatic, and prostate cancers. It also develops OGX-225 that is in pre-clinical development for the treatment of solid tumors. The company has a collaboration agreement with Teva Pharmaceutical Industries Ltd. to develop and commercialize Custirsen. OncoGenex Pharmaceuticals, Inc. is headquartered in Bothell, Washington.” Yahoo Finance