Brean Murray Raises PT on Onyx Pharma (ONXX); FDA Grants Regorafenib Priority Review; Takeout Speculation Looms

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Brean Murray Carret & Co. maintains a 'Buy' on Onyx Pharmaceuticals (NASDAQ: ONXX) price target of $75.00 (from $60.00).

Brean analyst said, "Bayer announced today that the FDA has granted Priority Review for regorafenib, which means likely approval in late October 2012 rather than late February 2013. We have adjusted our model to reflect the acceleration of regorafenib sales, and with the recent carfilzomib panel that has turned a late 2013 approval into a likely July 27, 2012 approval, we have lowered our discount rate as the opportunity continues to be de-risked. We believe that these two tangible developments that both create nearer term revenue streams for Onyx, combined with rampant takeout speculation, leave little to counter Onyx’s share price strength."

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 $66.39 yesterday, with a 52 week range of $27.17-$67.62.

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