Jefferies Adjusts Estimates and Price Target on Onyx Pharmaceuticals (ONXX); Downside Scenarios Reviewed
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Price: $96.20 +3.41%
Rating Summary:
20 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Rating Summary:
20 Buy, 2 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 21 | Down: 24 | New: 29
Trade ONXX Now!
Jefferies maintains a 'Hold' on Onyx Pharmaceuticals (NASDAQ: ONXX) price target of $55.00 (from $45.00).
Analyst, Biren Amin, said, " The ODAC Panel recommended Carfilzomib as having a favorable benefit/risk profile for RRMM, and issued a positive vote of 11-0; 1 abstain. In a surprise "head fake" at the ODAC Panel, the FDA completely disregarded carf’s risks of cardiac, pulmonary, and hepatic toxicity it had highlighted earlier in its briefing documents. We believe carf can be approved in H2 2012, therefore, we are raising our PT."
Amin raises FY13 loss from (4.02) to (2.41) and raises FY13 Carfilzomib revenues from $1.7 million to $126 million.
Amin maintains a 'Hold' on the stock and notes these downside scenarios: 1) Safety issues for carfilzomib surface in ASPIRE and FOCUS trials; 2) Delay in U.S. approval for carfilzomib in multiple myeloma; 3) Negative Nexavar clinical data for DTC; and 4) Poorer than expected Nexavar sales.
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, with a 52 week range of $27.17-$47.80.
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Analyst, Biren Amin, said, " The ODAC Panel recommended Carfilzomib as having a favorable benefit/risk profile for RRMM, and issued a positive vote of 11-0; 1 abstain. In a surprise "head fake" at the ODAC Panel, the FDA completely disregarded carf’s risks of cardiac, pulmonary, and hepatic toxicity it had highlighted earlier in its briefing documents. We believe carf can be approved in H2 2012, therefore, we are raising our PT."
Amin raises FY13 loss from (4.02) to (2.41) and raises FY13 Carfilzomib revenues from $1.7 million to $126 million.
Amin maintains a 'Hold' on the stock and notes these downside scenarios: 1) Safety issues for carfilzomib surface in ASPIRE and FOCUS trials; 2) Delay in U.S. approval for carfilzomib in multiple myeloma; 3) Negative Nexavar clinical data for DTC; and 4) Poorer than expected Nexavar sales.
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, with a 52 week range of $27.17-$47.80.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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