Leerink Swann Starts Onconova Therapeutics (ONTX) at Outperform

August 19, 2013 11:31 AM EDT Send to a Friend
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Price: $2.29 -0.43%

Rating Summary:
    2 Buy, 2 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 15 | Down: 38 | New: 13
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Leerink Swann initiated coverage on Onconova Therapeutics (NASDAQ: ONTX) with an Outperform rating and a price target of $25.00. Analyst analyst Howard Liang believes risk/reward is attractive.

"Although the Phase III ONTIME readout is clearly a binary event and there is considerable risk, we believe the risk/reward remains favorable," said Liang. "In Phase II trials of higher-risk MDS patients, rigosertib demonstrated good bone marrow (BM) response but more modest hematological improvements. Although we are not aware of data clearly showing a correlation of BM response and survival, we believe the clear correlation of BM blast percentage and survival in historical data is supportive."

"If the Phase III is positive, we believe rigosertib will be an attractive asset to potential acquirers due to retained economics as well as a pipeline of additional indications," he added.

For an analyst ratings summary and ratings history on Onconova Therapeutics click here. For more ratings news on Onconova Therapeutics click here.

Shares of Onconova Therapeutics closed at $25.69 yesterday.

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$37 price target not $25
Jake on 2013-08-20 08:12:43
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