OncoGenex Pharmaceuticals Inc (NASDAQ:OGXI) reported disappointing Phase 3 AFFINITY trial results on Tuesday evening causing their shares to fall significantly this morning. While it’s impossible to tell just how far off the test results were, as it was a binary event, it was disappointing to shareholders who had been hoping for better news, Currently there is no new information available on just what took place within these Phase 3 trials.
OncoGenex Pharmaceuticals Inc (NASDAQ:OGXI) CEO Scott Cormack stated, “The overall survival endpoint of the entire AFFINITY trial remains clinically meaningful and its target hazard ratio of 0.75 is attainable with sufficient power to demonstrate a benefit from custirsen for men who are battling advanced prostate cancer. We designed the AFFINITY trial so that the final analysis of the ITT population could stand alone as a Phase 3 submission to regulatory agencies regardless of the outcome of the smaller subgroup.”
The stock has fallen 33.60% or $0.88 following this negative news, hitting $1.74 per share. Approximately 22,432 shares traded hands. OGXI shares have risen 25.36% since April 29, 2015 and are currently uptrending. It has outperformed the S&P500 by 25.56%.
From a total of 3 analysts covering OncoGenex Pharma (NASDAQ:OGXI) stock, 1 rate it a “Buy”, 0 a “Sell”, and 2 a “Hold”. This means that 33% of the ratings are positive. The highest target price is $6 while the lowest target price is $3. The mean of all analyst targets is $4.50 which is 158.62% above today’s ($1.74) stock price. OncoGenex Pharma was the topic of 4 analyst reports since August 17, 2015 according to the firm StockzIntelligence Inc. Stifel Nicolaus downgraded shares on December 2 to a “Hold” rating. Needham maintained OGXI stock in a recent report from August 17 with a “Buy” rating.
OncoGenex Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company. The company has a market cap of $51.85 million. The Firm is engaged in the development and commercialization of new therapies that address treatment resistance in cancer patients. It currently has negative earnings. The Firm has three product candidates in its pipeline: custirsen, apatorsen and OGX-225.