UPDATE: Stifel NIcolaus Cuts Target on OncoGenex Pharmaceuticals to $35

Stifel Nicolaus lowers its price target $4 to $35 on Buy-rated OncoGenex Pharmaceuticals OGXI as the company shift strategy following termination of The SATURN trial. Stifel Nicolaus says, "OncoGenex/Teva announced the termination of the P3 SATURN trial evaluating the durable pain palliation benefits of custirsen (+ docetaxel/cabazitaxel) in second-line CRPC, citing stringent inclusion criteria related to stable baseline pain and analgesic use as bottlenecks to patient enrollment. OncoGenex/Teva now intend to initiate (2H12) a P3 trial evaluating cabazitaxel ± custirsen in second-line CRPC patients (n=630) with overall survival (OS) as the primary endpoint (85% powered at HR=0.75)." OGXI closed at $15.70 a share on Thursday.