Needham & Company Starts OncoGenex Pharmaceuticals (OGXI) at Buy; Significantly Undervalued; Robust Pipeline

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Needham & Company initiates coverage on OncoGenex Pharmaceuticals (NASDAQ: OGXI) with a Buy. PT $30.00.

Analyst, Chad Messer, said, "The pivotal SYNGERY trial is on track to complete patient enrollment in 4Q:12 with data late next year. We forecast extremely strong Custersin sales in metastatic castrate-resistant prostate cancer (mCRPC) in the U.S. alone, with OncoGenex receiving significant royalties up to the mid-20’s. OncoGenex is also developing wholly-owned OGX-427 in randomized Phase II studies in CRPC and bladder cancer. The CRPC study will report full top line data in 4Q:12 as will a Phase I study in superficial bladder cancer. We view shares of OGXI as significantly undervalued with accelerating news flow and pivotal data in a blockbuster indication less than 6 quarters away."

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 $12.58 yesterday, with a 52 week range of $8.63-$18.10.

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