3. OncoGenex Pharmaceuticals (OGXI) is a biopharmaceutical company engaged in the development and commercialization of cancer therapies. The products focus on mechanisms of treatment resistance in cancer patients by blocking the production of specific proteins, which promote the survival of tumor cells and proliferate in response to a variety of cancer therapies. The company will report its first quarter 2011 results on May 9.
Net loss for the first quarter of 2011 is forecast at $4.8 million on sales of $2.6 million, compared to a net loss of $3 million on $4.7 million sales recorded during 2010 first quarter, according to analysts polled by Bloomberg. Loss per share is pegged at 52 cents, up from 48 cents per share reported during the comparable quarter last year.
The company recently announced that the European Patent Office (EPO) has granted European Patent Number EP1545561 entitled "Oligonucleotides for Treatment of Prostate and other Cancers." Scott Cormack, president and CEO of OncoGenex, said, "The issuance of this patent confirms our position as the leader in Hsp27 antisense therapeutics and provides us with a broad patent that applies well beyond particular cancers or particular compositions."All the six analysts covering the stock rate a buy on it. According to analysts polled by Bloomberg, the stock has 137% upside over the next 12 months with a consensus target price of $37.
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