In a research comment issued earlier today, Bloom Burton & Co. Inc. maintained its Buy rating for OncoGenex Pharmaceuticals, Inc. OGXI and slightly lowered its price target from $19.00 to $18.00.
Bloom Burton went on to say “Our multiple is in line with other companies at a similar stage of development, but we apply a 33% instead of 30% discount rate to account for the higher risk associated with developing a new product for cancer. Since custirsen has demonstrated positive results in a randomized phase II trial, we use a 33% discount rate instead of our typical 35% for the cancer therapeutic area.”
OncoGenex Pharmaceuticals, Inc. closed yesterday at $12.97.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in