UBS Starts Onyx Pharmaceuticals (ONXX) at Buy

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UBS initiates coverage on Onyx Pharmaceuticals (NASDAQ: ONXX) with a Buy. PT $97.00.

"With rights to three approved oncology drugs, including wholly-owned Kyprolis (ex-Japan) for multiple myeloma (MM), we view Onyx as well-positioned to transition to profitability by 2014. We view Kyprolis as a best-in-class proteasome inhibitor that will gain share in all lines of MM, including the front line, where we forecast US sales ramping to $378m in 2017 and contributing to our above-consensus WW Kyprolis sales estimate of $1.43bn (vs. Street $1.31bn)."

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 $80.83 yesterday, with a 52 week range of $35.73-$93.18.

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