OncoGenex Pharmaceuticals (NASDAQ:OGXI)

zzlangerhans (99.78) Submitted: 7/30/2011 5:39:30 AM : Start Price: $14.24 OGXI Score: -52.20

After months of steady state, OncoGenex gapped up in May on an apparent burst of pre-ASCO excitement, only to steadily degrade below their prior trading range. I'm not expecting any major catalysts in the near term for OncoGenex. The SATURN phase III trial of OGX-011 as second-line treatment of CRPC and the SYNERGY phase III trial of OGX-011 + standard of care as first-line treatment in CRPC both began in mid-2010 and are unlikely to generate significant interim data in the near term. A phase III trial of OGX-011 (custirsen) in NSCLC and a phase II trial of OGX-427 in metastatic bladder cancer are planned for later this year. The cash position is solid and the burn rate has remained low. It could take a while, but I expect this pick to ultimately give me score leadership for OncoGenex.