MLV Reiterates Buy On Oxigene In Light Of FDA Approval Of Genentech’s Bevacizumab
MLV analyst George Zavoico is out today with his second report this week on Oxigene (NASDAQ:OXGN), maintaining a Buy rating with a $6.50 price target, as Genentech announced FDA approval of bevacizumab (Avastin®) in combination with chemotherapy for treating platinum-resistant, recurrent ovarian cancer.
Zavoico explained, “This has important implications in discussions between OXiGENE and the FDA regarding the design of a protocol for a pivotal Phase III trial of a combination of its vascular disrupting agent (VDA), fosbretabulin, and bevacizumab for the same indication. Today’s approval of bevacizumab is based solely on a significant prolongation in median progressionfree survival (mPFS) and not on a prolongation in median overall survival (mOS) in a Phase III trial called AURELIA. In our view, mPFS will now likely be the primary endpoint of OXiGENE’s pivotal trial with fosbretabulin, potentially accelerating the path to approval since a mPFS endpoint occurs several months earlier than a mOS endpoint in recurrent ovarian cancer. The remaining question is what drug regimen to use in a comparator arm. OXiGENE guided to final decision on the protocol design, in consultation with the FDA, in mid-2015.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst George Zavoico has a total average return of 1.6% and a 36.7% success rate. Zavoico has a -15.2% average return when recommending OXGN, and is ranked #1809 out of 3372 analysts.