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OncoGenex Pharmaceuticals Stock Price Gets Hammered on Late-Stage Clinical Trial News
Tuesday, April 29, 2014Company Profile | Follow Company
Vancouver, BC, April 29, 2014--(T-Net)--OncoGenex Pharmaceuticals stock price has gotten pretty much hammered since yesterday's announcement with Teva Pharmaceuticals that top-line survival results indicated the addition of OncoGenex Pharmaceuticals drug custirsen to standard first-line docetaxel/prednisone chemotherapy failed to show any statistically significant improvements in overall survival in men with metastatic CRPC in a late-stage trial.
The stock price, which had traded in an approximate range of $8 to $12 over the past year, fell sharply on Monday to approximately $4.00/share, losing over half of the company's previous market capitalization value.
Shares closed down approximately 60% on Monday to a new 52-week low of $3.82 during trading yesterday, and was one of the biggest decliners on the NASDAQ. The shares are currently trading slightly higher today at $4.11/share.
OncoGenex Pharmaceuticals has since been downgraded by RBC Capital Markets and Needham, and Stifel has lowered its longer term price target from $21 to $9.
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