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With the monumental returns awarded to investors of Dendreon (NASDAQ:DNDN) over the past few years on the road to the historical Provenge approval, many are still seeking that "next Dendreon" play. Often times, Oncothyreon (NASDAQ:ONTY), with a Phase III cancer immunotherapeutic product candidate of its own, enters the discussions.

Oncothyreon has been receiving more than its fair share of attention these days, following the recent run that saw ONTY set some new 52-week highs and receive a couple of positive price projections from analysts along the way, and a recent stock offering wasn't enough to stall the price rise.

The stock offering, which added $40 million the Oncothyreon war chest, will fund the further development of its pipeline, which includes Stimuvax, an immunotherapeutic treatment for non-small cell lung cancer that is partnered with Germany'sMerck KGaA.

Results from the ongoing Stimuvax trials, which were halted for a brief time early last year due to a safety concern, should start being finalized later this year, with a release of full results expected for 2012.

Oncothyreon has risen from the sub-$1 ashes, following a name change in 2007, and because of the late stage status of its lead product, the company may be starting to rise above the radar, as the recent price spike indicates.

That said, the stock has spiked before, only to retreat back to previously traded levels. With results still not due for quite a few months, there may be some volatility ahead for ONTY as traders sell into the spikes and new investors - who will be looking to take advantage of dips - take up their positions in anticipation of results.

Keep Oncothyreon on the radar, as it's as good a play as any to become 'The Next Dendreon' in the cancer vaccine sector, but also entertain the risk that most cancer vaccines fail. With that being the case, I'm a fan of taking advantage of these price spikes with 'trading shares' while holding 'base' shares for the long term.

The quick run to six dollars was certainly an appetizing time to do just that.

Keep ONTY on the radar. Stimuvax could be big, if the product makes it to market.

Source: Oncothyreon's Run Indicates the Stock Is Rising Above the Radar