OncoGenex Pharmaceutials (OGXI) Stock: Here’s Why It’s Skyrocketing

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OncoGenex Pharmaceuticals Inc (NASDAQ: OGXI)

OncoGenex Pharmaceuticals is having an incredible day in the market today, and for good reason. The company released results from a pivotal Phase 2 trial. Today, we’ll talk about the data that was released, how the stock reacted to the news, and what we can expect to see from OGXI ahead.

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OGXI Reports Positive Phase 2 Data

As mentioned above, OncoGenex Pharmaceuticals is having an incredibly strong day in the market today after releasing strong Phase 2 clinical data. The data came from the Borealis-2 trial of apatorsen in combination with docetaxel. The treatment was given to patients with metastatic bladder cancer whose disease had progressed following platinum-based chemotherapy.

According to the data that was released by OGXI, patients treated with apatorsen experienced a 20% reduction in risk of death, which is statistically significant. This result was compared to patients who were treated with docetaxel alone.

In terms of safety, the company also had relatively positive results to share. According to the data released by OGXI, the results show that safety results in patients treated with apatorsen and docetaxel were similar to those observed in patients treated with docetaxel alone. In a statement, Scott Cormack, President and CEO at OncoGenex, had the following to offer:

We are encouraged by these data that further support Hsp27 as a therapeutic target and add an additional level of evidence to previously completed trials of apatorsen in patients with bladder cancer… We look forward to completing the full data analysis from Borealis-2 and considering these data in our continuing work with MTS Health Partners in the exploration of strategic alternatives as announced in mid-August.”

How The Stock Is Reacting To The News

As investors, we know that the news moves the market, and, in this case, the news was overwhelmingly positive. As a result, we’re seeing incredibly strong gains in the value of OGXI shares. Currently (9:38), the stock is trading at $0.60 per share after a gain of $0.23 per share (61.38%) thus far today.

What We Can Expect To See Ahead

Moving forward, I have a relatively bullish opinion of what we can expect to see from OncoGenex Pharmaceuticals. At the end of the day, the Phase 2 data that was recently released was overwhelmingly positive. While the company does have some financial struggles as most companies in this phase of development do, it seems as though they are making all of the right moves and may be innovating something incredible here. All in all, I’m expecting to see gains in OGXI ahead.

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