UPDATE: Wedbush Upgrades Oncothyreon on Statistically Significant Overall Survival Benefit
In a report published on Friday, Wedbush analyst Gregory Wade upgraded Oncothyreon (NASDAQ: ONTY) from Neutral to Outperform and raised the price target from $2.00 to $5.00.
In the report, Wedbush noted, "Merck KGaA(Merck Serono) reported new analysis of the Phase III data from the completed L-BLP25 (STIMUVAX) non-small cell lung cancer trial showing a strong treatment effect in the pre specified subgroup (n=806) of patients who received concurrent chemotherapy and radiation with median OS improving to 30.8 months from 20.6 months (HR 0.78; 95% CI 0.64-0.95, p=0.016). Based upon these results in a pre specified sub-group that represents today's standard of care, we believe that Merck KgA may be successful in negotiating a path to approval for L-BLP25 with the existing and anticipated new data from ongoing clinical trials. Merck expects to provide an update on their discussion with regulators in 2013."
Oncothyreon currently trades at $1.98.
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