Boston, MA 04/29/2014 (wallstreetpr) – OXiGENEInc (NASDAQ:OXGN) opens up stronger today after the news emerged that the analyst, George B. Zavoico at H.C. Wainwright has initiated coverage on the company.
Gets Buy Rating From H.C. Wainwright
The analyst has placed a ‘buy’ rating for the stock with a price target of $7.50. Zavoico’s call on the company comes in the light of his opinion that Zybrestat could validate the company’s novel VDA approach. He added that the company’s leading drug, Zybrestat could be a major catalyst to attract investors by the end of the year. As per Zavoico, the company’s positive ‘median progression free survival’ (mPFS) outcome in Phase II ovarian cancer study could result in Phase II/III trial in the year 2015. At the same time, EMA’s guidance for registration pathway for anaplastic thyroid cancer (ATC) could result to an MAA filing by the beginning of the year 2016. Hence, the research firm clears that its valuation for OXiGENEInc (NASDAQ:OXGN) is based on its potential in ovarian cancer as well as the expected approval for ATC in the European Union in 2016. Zavioco added that they have not included the positive development surrounding the company’s Zybrestat and OXi4503 and, therefore, the same could lead to an upside surprise.
Positive Trial Indications
Earlier this month, OXiGENEInc (NASDAQ:OXGN) reported promising pre-clinical trial results related to its continuing research programs. The company’s Chief Executive Officer, Dr. Peter Langecker, said that the results of three of its pre-clinical studies highlight the value of its anti-cancer treatments, which represents significant assets for the company. As per the results, it came out clear that the company’s drug OXi4503, when used in combination with radiation acted as a radiosensitizing agent. At the same time, its capthepsin L inhibitor (KGP94) trial indicated that it remarkably delayed the growth of tumor, specifically during the early stages of the tumor progression. Similarly, its, Cathepsin L Inhibitor KGP94 showed reduced metastatic dissemination of prostrate cancer cells and impair bone resorption. Following remarkable data outcomes of all the three studies, the company justifies taking the development of its drug and inhibitors to further levels.
OXiGENEInc (NASDAQ:OXGN), which is a clinical stage bio-pharma engaged in the development of anti-cancer therapies, is slated to report its first quarter earnings for the year on Tuesday, May 6, 2014.
