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Goldman Sachs Raises Price Target on Onyx Pharma (ONXX) after FDA Panel Backs CFZ

June 21, 2012 7:02 AM EDT Send to a Friend
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Price: $124.70 --0%

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    11 Buy, 12 Hold, 0 Sell

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    Up: 15 | Down: 16 | New: 67
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Goldman Sachs lifted its price target on Onyx Pharmaceuticals (NASDAQ: ONXX) from $52 to $63 after an FDA panel backed CFZ for use in late-stage blood cancer MM.

This raises their probability of CFZ's approval to 95% from 80%, which they see by July 27.

Goldman said they were surprised by the vote, given the issues raised in the FDA panel documents earlier this week. They said the launch will drive growth (>30%) and a transition to profitability.

Higher costs and sales estimates lead to a fall in 2012 non-GAAP EPS estimate to ($3.52) from ($2.77) and a rise in 2013-2015 estimates to ($2.79)/($1.52)/$1.42 from ($3.18)/($1.92)/$0.95.

For an analyst ratings summary and ratings history on Onyx Pharmaceuticals click here. For more ratings news on Onyx Pharmaceuticals click here.

Shares of Onyx Pharmaceuticals closed at $44.58 yesterday.




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