Brean Murray Carret & Co. Upgrades Onyx Pharmaceuticals (ONXX) to Buy; Misleading Documents...FDA Approval Is Coming

June 21, 2012 7:33 AM EDT
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Price: $124.70 --0%

Rating Summary:
    11 Buy, 12 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Brean Murray Carret & Co. upgraded Onyx Pharmaceuticals (NASDAQ: ONXX) from Hold to Buy with a price target of $60.00.

Analyst, Jonathan Aschoff, said, "Although there was some hesitance of the panel member's decisions, the vote was undeniably positive with 11 yes votes and 1 abstention. More importantly, the FDA clearly supported approval throughout the panel, and the agency has the final say. In our view, there was an unprecedented showing by ODAC head Richard Pazdur, one that was surprising supportive of the drug in question. The portion of Monday's misleading briefing documents that were written by the FDA were utterly useless in guiding our expectation of the panel outcome...With what clearly appears to be a Kyprolis approval on July 27, we upgrade shares."

Ashoff lowers FY12 loss from (3.78) to (3.56) and FY13 from (2.76) to (1.83)

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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