Canaccord Genuity Maintains a 'Buy' on Onyx Pharmaceuticals (ONXX); Settlement with Bayer Removes Big Overhang
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Price: $124.70 --0%
Rating Summary:
9 Buy, 12 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
9 Buy, 12 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Canaccord Genuity maintains a 'Buy' on Onyx Pharmaceuticals (NASDAQ: ONXX) price target of $48.00.
Canaccord analyst, George Farmer, said, "We are buyers of ONXX shares on our view of improving leverage with partner Bayer and ahead of carfilzomib regulatory catalysts... In our view, regorafenib settlement terms over Onyx’s lawsuit against Bayer favor Onyx, which will receive a 20% royalty on possible worldwide sales and US co-promotion rights. Bayer assumes all costs, however. With our view of low likelihood of regorafenib success due to an unfavorable toxicity profile and challenging development strategy, we see this victory providing merely a free call option. Nevertheless, ONXX M&A attractiveness also increases, in our view, on a collaboration amendment that keeps Nexavar profit share intact in the event of change of control."
For more ratings news on Onyx Pharmaceuticals click here and for the rating history of Onyx Pharmaceuticals click here.
Shares of Onyx Pharmaceuticals closed at $34.49 yesterday.
Canaccord analyst, George Farmer, said, "We are buyers of ONXX shares on our view of improving leverage with partner Bayer and ahead of carfilzomib regulatory catalysts... In our view, regorafenib settlement terms over Onyx’s lawsuit against Bayer favor Onyx, which will receive a 20% royalty on possible worldwide sales and US co-promotion rights. Bayer assumes all costs, however. With our view of low likelihood of regorafenib success due to an unfavorable toxicity profile and challenging development strategy, we see this victory providing merely a free call option. Nevertheless, ONXX M&A attractiveness also increases, in our view, on a collaboration amendment that keeps Nexavar profit share intact in the event of change of control."
For more ratings news on Onyx Pharmaceuticals click here and for the rating history of Onyx Pharmaceuticals click here.
Shares of Onyx Pharmaceuticals closed at $34.49 yesterday.
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