OncoGenex Pharmaceuticals Inc (NASDAQ: OGXI)
OncoGenex Pharmaceuticals is off to an overwhelmingly strong start in the market today. When the opening bell rang, the stock found itself sitting on impressive gains. Since then, we’ve seen a continuation of upward movement, making the gains that much more impressive. Below, we’ll talk about what we’re seeing, why, and what we’ll be watching for with regard to OGXI ahead.
What We’re Seeing From OGXI
As mentioned above, OncoGenex Pharmaceuticals is having an incredible trading session today – at least, thus far. When the opening bell rang, the stock was already trading on overwhelming gains. While the market has only been open minutes, the upward movement continues. Currently (9:37), OGXI is trading at $0.86 per share after a gain of $0.28 per share (48.28%) thus far today.
Why The Stock Is Climbing
As is nearly always the case, our partners at Trade Ideas were the first to inform us of the gains on OGXI. As soon as they did, the CNA Finance team started digging to see exactly what was causing the movement. In this particular case, it didn’t take long to dig up the dirt. It seems as though the stock is gaining as the result of a big merger announcement that was made early in the pre-market hours.
According to the announcement, OncoGenex Pharmaceuticals will soon be going through a merger. The company plans on merging with Achieve Life Sciences. Of course, this merger is designed to make both companies stronger and return value to shareholders on both sides. Considering the gains, OGXI investors are happy with the move.
What We’ll Be Watching Ahead
Moving forward, the CNA Finance team will be keeping a close eye on OGXI. In particular, we’ll be watching the merger. As always, it is subject to customary closing conditions. Nonetheless, it doesn’t look like anything will block the deal in this case. We’ll watch the news on it closely and bring it to you as it breaks!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!
[Image Courtesy of The Blue Diamond Gallery]