H.C. Wainwright Assumes Buy On OXiGENE, Reduces Price Target To $6

In a research note released today, H.C. Wainwright analyst Reni Benjamin assumed a Buy rating on OXiGENE Inc. (OXGN), but lowered the price target to $6 (from $7.50) based on a discounted P/E analysis which takes into account a recent equity financing and strengthened cash position.

Benjamin commented: “ Based on positive safety and efficacy clinical trial results to date, we believe Zybrestat could become approved for both indications by 2019, transforming OXiGENE into a revenue generating biotech company. With important clinical data from ongoing studies to be announced in the next 12 months, the potential for a partnership, and $35 MM (pro forma) in cash, we believe OXiGENE represents an undervalued player with significant upside for the long-term investor”.

According to TipRanks, which measures analysts and bloggers success rate based on how their calls perform, analyst Reni Benjamin currently has an average return of 4.7% and a 44% success rate. He is ranked #1478 out of 3133 analysts.

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