Baird Maintains an 'Outperform' on Onyx Pharmaceuticals (ONXX); Hitting Pay Dirt on Bayer Settlement and Nexavar Restructuring

Baird maintains an 'Outperform' on Onyx Pharmaceuticals (NASDAQ: ONXX), raising price target to $35.00.

Barclays analyst says, "Incrementally positive and raising price target to $35 following ONXX's restructuring of the Nexavar collaboration and settlement with Bayer related to its next-generation Nexavar compound. While ONXX's favorable economics on regorafenib and Nexavar's Japan restructuring are not to be overlooked, we see the removal of the Nexavar collaboration's change of control provision as equally significant as this may serve to boost transient takeout speculation. Nonetheless, with our core concerns on Carfil's high-risk regulatory strategy unchanged, we remain on the sidelines."

For more ratings news on Onyx Pharmaceuticals click here and for the rating history of Onyx Pharmaceuticals click here.

Shares of Onyx Pharmaceuticals closed at $31.91 yesterday.

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