UPDATE: CRT Capital Initiates Coverage on OncoGenex

CRT Capital Thursday morning ratings report included a coverage initiation by analyst Arlinda Lee on Oncogenex Pharmaceuticals OGXI with a Buy rating and price target of $20. The highlight for OGXI includes phase 3 trials of Curtisen and subsequent partnership with Teva, along with phase 2 trials of Apatorsen. The report notes "The basis for our Buy rating is our optimism for a positive outcome from ongoing pivotal Phase 3 SYNERGY trial in castrate resistant prostate cancer (CRPC) in mid-2014. We expect FDA filing in 2H14 and approval in 20145. We also expect rapid uptake of custirsen to reach peak 35% penetration the US and 30% in EU." OGXI closed the previous trading session at $11.51 and is currently trading around the $11.76 mark.