Leerink Swann Starts OncoGenex Pharmaceuticals (OGXI) at Outperform; Evolution of Drug Development

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Leerink Swann initiates coverage on OncoGenex Pharmaceuticals (NASDAQ: OGXI) with a Outperform. PT $19.00.

Leerink analyst said, "Current data for clinical candidates Custirsen (Phase III) and OGX-427 (Phase II) appear supportive of the biologic rationale behind targeting the stress response proteins clusterin and HSP-27. However, hesitation around Custirsen's and OGX-427's antisense approach and limited validation of these targets are plainly reflected in OGXI's current valuation, in our view. While the main validating data from Custirsen's Phase III SYNERGY trial are not expected until YE:13, we believe supportive findings from ongoing Phase II trials for either Custirsen or OGX-427 during 2012-early 2013 could provide incremental comfort behind the validity of OncoGenex's approach and subsequent recognition in the company's valuation."

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 $13.39 yesterday, with a 52 week range of $8.63-$18.99.

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