H.C. Wainwright analyst Reni Benjamin was out pounding the table on OXiGENE Inc (NASDAQ:OXGN) Thursday, reiterating a Buy rating and price target of $6.00, which implies an upside of 287% from current levels.

Breidenbach wrote, “OXiGENE’s lead drug candidate, fosbretabulin, is a vascular disrupting agent (VDA) that demonstrated statistically significant results in a Phase 2, GOG-conducted ovarian cancer study in combination with Avastin. On Monday, the company announced the outcome of fruitful discussions with the FDA regarding the design of a planned Phase 3 trial in Pt-resistant ovarian cancer. In our opinion, this announcement represents excellent news for investors, chiefly because the fosbretabulin + Avastin combination need not be directly compared to Avastin + chemotherapy, which, in our opinion, would likely require a much larger non-inferiority design.”

Furthermore, “We believe the two comparator arms in the planned trial, chemotherapy alone and Avastin alone could translate to a relatively small overall trial size, and therefore, lower costs and faster time to completion. Given the favorable trial guidance from the FDA, new data from several ongoing clinical trials expected in the next 12 months, the potential for a corporate partnership, and $33 MM in cash (pro forma), we believe OXiGENE represents an undervalued player with significant upside for the long-term investor.”

According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Reni Benjamin has a total average return of 3.9% and a 41.4% success rate. Benjamin has a -19.2% average return when recommending OXGN, and is ranked #1262 out of 3633 analysts.