Oncogenex Pharmaceuticals Inc (NASDAQ:OGXI) Poised To Close Higher Today

[[tagnumber 0]][[tagnumber 1]]It has been fifteen years since Dr. Martin Gleave and Scott Cormack founded OncoGenex Pharmaceuticals Inc (NASDAQ:OGXI) with the purpose of developing custirsen – an experimental drug design to block the production of clusterin in the human body – and eventually getting an FDA clearance for it. Even though the latter has not become a reality yet, OGXI’s product candidate has reached a phase 3 trial. What is more, it even has a number of early–stage trials for its alternative drug called apatorsen. As it seems, Oncogenex’s main setback are not the drug candidates themselves, at least not at this stage. Rather, it is the exorbitant amount of time it has taken so far (and will continue to take) until the company starts making money for shareholders.[[tagnumber 2]] [[tagnumber 0]]At present, OGXI shares are traded around the $2.70 price level. Today’s session is shaping up as a positive one for the company. With less than one hour to go, OGXI is up 5% from Thursday on a modest volume of 670 thousand. This puts the stock at a price point that is roughly 34% away from its 52–week high of $4.10 per share achieved just a month ago on the very same day. Does OXGI have what it takes to really take off, though?[[tagnumber 2]] [[tagnumber 0]][[tagnumber 6]]Oncogenex Pharmaceuticals Inc is a biotech focused on developing medical solutions to fight cancer treatment resistance which forms in many patients at one stage or another. The company’s current drug candidates – custirsen and apatorsen – are designed to inhibit the production of those proteins which are responsible for protecting cancer cells, thus impeding the treatment process. If successful, these drugs could potentially benefit a lot of patients suffering from a wide variety of cancer types. That is why, the stock remains subject to increased investor interest.[[tagnumber 2]] [[tagnumber 0]]When taking into account analysts’ projections on the stock, we see a company whose stock is recommended as a “Buy”, on the one hand, and a company whose projected earnings are expected to remain in the red till 2018. Those who decide to take a stake now might need to bear that in mind.[[tagnumber 2]] [[tagnumber 0]]Whether or not Oncogenex will make a breakthrough in a field no one else has succeeded yet is likely to become clear sooner rather than later. Until then, however, getting overly enthused with a best–case scenario might prove to be a double–edged sword.[[tagnumber 2]]