Long Term Crash on Biotech OXiGENE – OXGN up Over 200% in 9 Trading Days
OXiGENE (Stock Symbol: OXGN) climbed over 14% to $5.60 per share on May 12, 2011, with volume soaring to more than 10 million shares trading hands, up from its average daily volume of just 892,077 shares. The “Biotech” company announced Thursday morning that it had commenced “Phase 1 Trials” of an anticancer compound used the treatment of patients with acute myelogenous Leukemia.
OXiGENE, Inc., a clinical-stage biopharmaceutical company, engages in developing therapeutics to treat cancer and eye diseases in the United States. It primarily focuses on the development of product candidates that disable and destroy abnormal blood vessels that provide solid tumors a means of growth and survival, as well as associate with visual impairment in various ophthalmological diseases and conditions.
Based on the positive data from earlier pre-clinical studies of OXi4503, we believe this trial could represent an important step in advancing a new therapeutic option for patients with AML and MDS, especially older adults, who have failed to respond or have relapsed on other therapies.
Patients in the Phase 1 study will receive “OXi4503” administered weekly for four weeks. Patients will be individually assessed for safety and dose limiting toxicity (DLT) for the purpose of determining the MTD during the first cycle of OXi4503.
Since the 1:20 reverse stock split for “OXiGENE” (NASDAQ: OXGN) on February 23, 2011 — which changed the stock value from $0.14 per share to $2.80 per share — it has gained $2.80 per share, up 100% in 56 trading days.
OXiGENE has also climbed over 2.5x in value from its April 18, 2011 low of $1.55 per share to Thursday’s close — May 12, 2011 of $5.60 per share. Shorter term, it has climbed over 218% in value, up $3.84 per share in 9 trading days.
The stock has been topping the small-cap charts in recent trading sessions, gaining over 56% since Friday’s May 6, 2011 close.
Long term, OXiGENE may now be coming out of its “Bear Market” where the stock has fallen from its market high, split adjusted close of $800.00 per share on September 4, 1997.
The current 12 month “Price Target” on OXiGENE is $7.00 per share which leaves a potential upside of another 25% gain or $1.40 per share in the stock.
OXiGENE Product Pipeline | OXiGENE Website: http://www.oxigene.com
Tags: Bear Market, Biopharmaceutical, Biotech, Clinical-Stage, Long-Term Crash, NASDAQ, OXGN, OXi4503, OXiGENE, Pharmaceutical, Phase 1 Trials, Pre-Clinical Studies, Preclinical Studies, Price Target, Reverse Stock Split, Small-Cap, Therapeutics, Trading Sessions