OncoGenex Pharmaceuticals, Inc. (NASDAQ: OGXI)
OncoGenex Pharmaceuticals, Inc. (OGXI), a biopharmaceutical company yesterday reported results that their Phase 3 SYNERGY trial showed that custirsen treatment significantly lowered levels in metastatic cancer patients. Custirsen is a clusterin inhibitor devised to increase survival in patients with advanced cancer. Increased production of the protein clusterin is the reason for faster rates of cancer progression, leading patient’s survival time to be shortened.
OncoGenex Pharmaceuticals, Inc. CEO’s Comments
“These data support that custirsen is inhibiting the production of clusterin in men with metastatic CRPC and a correlation between treatment-induced reductions in sCLU and clinical benefit in those patients at risk for poor outcomes,” said Scott Cormack, President and CEO of OncoGenex. “We look forward to top line results in metastatic CRPC patients at risk for poor outcomes later this year in our Phase 3 AFFINITY trial.” PR Newswire
OGXI Technical Analysis
OGXI gapped up in price yesterday to $2.66, up from the prior day’s close of $2.48, which is a 7% increase in price based on favorable news. Taking a look at the daily chart, we can see the last time the stock traded above this price level was back on September 22nd when the stock closed at $2.92. On September 23rd, the stock tanked reaching lows of $2.14 equivalent to a 27% drop in price in one trading day. The stock has been putting in peaks and valleys lately with lower highs. Dating back to July 27th, the highs were $3.61, and the next peak was on July 31st with highs of $3.54. Continuing the trend, the August 10th highs were $3.25 followed by a September 2nd high of $3.20 and finally a high of $3.13 on September 21. If this trend were to continue we should not expect a move above $3.13. The stock does have a relatively low float of 29.56 million shares. The stock did reach pre market highs of $3.25 meaning that it gave back $0.59 at the open equivalent to 18%. For trading purposes my entry point would have been $2.70 looking for a run up to $3. My stop loss would have been $2.60 fearing anything below that and the stock would start to fill in the gap up.
Company Profile
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
