Jefferies Positive on Onyx Pharmaceuticals (ONXX) after NCCN Compendia Listing For Frontline Kyprolis

March 11, 2013 7:18 AM EDT
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Price: $124.70 --0%

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    11 Buy, 12 Hold, 0 Sell

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    Up: 30 | Down: 30 | New: 23
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Jefferies reiterated its Buy rating and $96 price target on Onyx Pharmaceuticals (NASDAQ: ONXX) after the NCCN has included Kyprolis in its Compendia listing and multiple myeloma guidelines for off-label use in the frontline setting.

The firm called this a surprise move ahead of expectations. They believe it could drive upside.

"We believe this inclusion reflects the positive sentiment key opinion leaders and NCCN have towards Kyprolis, potentially benefiting visibility and adoption at the community levels," the analyst said. "Our current estimates conservatively assume de minimis frontline use 2015/beyond."

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 $85.65 yesterday.

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