Needham & Company Cuts Price Target on OncoGenex Pharma (OGXI) Following 2Q15

Needham & Company reiterated a Buy rating on OncoGenex Pharmaceuticals (NASDAQ: OGXI), and cut the price target to $6.00 (from $7.00), following 2Q15. OncoGenex ended the quarter with $60.2 million in cash, and raised an additional $14.7 million through an equity line. Analyst Chad Messer believes the company now has enough cash to last into late 2016, past multiple upcoming milestones.

Messer commented, "OncoGenex ended 2Q:15 with $60.2 million in cash and subsequently raised an additional $14.7 million through an equity line. We believe the company now has enough cash to last into late 2016 past multiple upcoming milestones for both custirsen and apotorsen. Most imminent is the topline readout from poor prognosis subpopulation in the Phase III AFFINITY trial with custirsen in prostate cancer. We have cautious optimism for a positive outcome based on a post-hoc analysis of an earlier failed trial. More importantly, we view OGXI shares as undervalued given the multiple opportunities for near term value creation."

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 $2.95 yesterday.

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