Baird Upgrades Onyx Pharmaceuticals (ONXX) to Outperform

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Baird upgraded Onyx Pharmaceuticals (NASDAQ: ONXX) from Neutral to Outperform with a price target of $70.00 (from $45.00) following the positive FDA panel favoring approval of Kyprolis for the treatment of relapsed/refractory multiple myeloma.

"Given Monday’s negative briefing documents, we think most investors viewed chances of success here as minimal and as such expect the stock to be up sharply tomorrow morning. Nonetheless, we are buyers on the open as we see nothing standing in the way of strong uptake following approval this year. Buyers into the $70 area."

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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Robert W Baird

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