Baird Reiterates a 'Neutral' on Onyx Pharmaceuticals (ONXX); Lightning Strikes: Regorafenib CRC Success Adds Meaningfully to Valuation

Baird reiterates a 'Neutral' on Onyx Pharmaceuticals (NASDAQ: ONXX) price target raised to $41.00.

Baird analyst says, "Incrementally positive on news that Bayer's regorafenib (f/k/a flouro-sorafenib) significantly improved overall survival in refractory metastatic colorectal cancer patients. This is a big upside surprise in that this was seen in a planned interim analysis. Given this and given ONXX's new agreement with Bayer providing for a 20% WW royalty on this agent, we are layering this opportunity into our model, resulting in higher revenue, EPS and price target."

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 $36.02 yesterday.

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