Onyx (ONXX) Settlement Removes Overhang for Potential Buyers -Stifel Nicolaus
Tweet
Share
E-mailGet Alerts ONXX Hot Sheet
Price: $124.70 --0%
Rating Summary:
9 Buy, 12 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 6 | New: 26
Rating Summary:
9 Buy, 12 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 6 | New: 26
Join SI Premium – FREE
Shares of Onyx Pharma (Nasdaq: ONXX) have traded up roughly 11 percent over the last two days of trading on news the company settled regorafenib litigation with Bayer and also restructured collaboration agreements with the company.
Stephen Willey, an analyst at Stifel Nicolaus, believes the new settlement removes an overhang which possible suitors could have previously been considering. The analyst feels investors could begin pricing this into shares of Onyx relatively quickly.
Willey also points to the fact that a settlement will allow Onyx Pharm. to co-promote and co-develop profit sharing rights in the event of a non-Bayer acquisition.
The Stifel analyst is not the only sell-sider commenting on the development Thursday. BMO upgraded the shares to an Outperform rating while Canaccord reiterated its Buy rating. Goldman Sachs raised its price target on Onyx shares from $40 to $44.
Shares of ONXX are up 2 percent to $35.18 this afternoon.
Stephen Willey, an analyst at Stifel Nicolaus, believes the new settlement removes an overhang which possible suitors could have previously been considering. The analyst feels investors could begin pricing this into shares of Onyx relatively quickly.
Willey also points to the fact that a settlement will allow Onyx Pharm. to co-promote and co-develop profit sharing rights in the event of a non-Bayer acquisition.
The Stifel analyst is not the only sell-sider commenting on the development Thursday. BMO upgraded the shares to an Outperform rating while Canaccord reiterated its Buy rating. Goldman Sachs raised its price target on Onyx shares from $40 to $44.
Shares of ONXX are up 2 percent to $35.18 this afternoon.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Goldman Sachs Downgrades AAC Technologies Holdings Inc. (2018:HK) (AACAY) to Neutral
- Cummins (CMI) PT Lowered to $675 at Jefferies
- Rockwell Automation (ROK) PT Lowered to $490 at DA Davidson
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
StifelSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
