Needham & Company Upgrades OncoGenex Pharmaceuticals (OGXI) to Strong Buy

October 28, 2013 7:43 AM EDT Send to a Friend
Get Alerts OGXI Hot Sheet
Price: $3.31 +0.30%

Rating Summary:
    3 Buy, 2 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 3 | Down: 4 | New: 7
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Needham & Company upgraded OncoGenex Pharmaceuticals (NASDAQ: OGXI) from Buy to Strong Buy with a price target of $30.00 (from $20.00).

Analyst Chad Messer, Ph.D. comments, "Shares of OncoGenex have been sliding all year and have recently reached new 52-week lows since news of positive interim PREVAIL results from Medivation's (NASDAQ: MDVN) Xtandi. While Xtandi and other prostate cancer agents in development may eventually erode chemotherapy use in prostate cancer, this concern is nothing new and we do not believe it will have a material effect on the long-term value of OncoGenex. The key upcoming driver for OGXI shares, pivotal SYNERGY data, should be >6 months away. However, we are upgrading our rating on OGXI to STRONG BUY now as our conviction for positive data remains high, and we believe valuation has become extremely compelling."

For an analyst ratings summary and ratings history on OncoGenex Pharmaceuticals click here. For more ratings news on OncoGenex Pharmaceuticals click here.

Shares of OncoGenex Pharmaceuticals closed at $7.21 yesterday.




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