UPDATE: Onyx Pharma (ONXX) Shares Rise as Leerink Swann Upgrades to Outperform

July 20, 2012 7:37 AM EDT
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Price: $124.70 --0%

Rating Summary:
    11 Buy, 12 Hold, 0 Sell

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    Up: 1 | Down: 2 | New: 3
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(Updated - July 20, 2012 8:44 AM EDT)

Shares of Onyx Pharmaceuticals (NASDAQ: ONXX) are trading up nearly 4 percent in Friday's pre-market session following an upgrade from Leerink Swann's Howard Liang.

The analyst now rates the stock an Outperform, up from Market Perform previously. The price target was lifted from $65 to $82.

Liang believes the failure of Bristol-Myers' (NYSE: BMY) brivanib creates a "significant positive for the long-term outlook of the Nexavar franchise." The analyst believes Onyx's "long-term outlook could be further enhanced by the opportunities for Nexavar in adjuvant liver cancer (STORM trial) and oral proteasome inhibitor oprozomib."

With shares of Onyx closing Thursday's session at $68.40, Leerink's new price target represents potential upside of about 20 percent.

For an analyst ratings summary and ratings history on Onyx Pharmaceuticals click here. For more ratings news on Onyx Pharmaceuticals click here.

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