UPDATE: Bloom Burton Maintains Buy Rating, Lowers PT for OncoGenex
In a research comment issued earlier today, Bloom Burton & Co. Inc. maintained its Buy rating for OncoGenex Pharmaceuticals, Inc. (NASDAQ: 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.
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