Jefferies Remains Bullish on Onyx Pharmaceuticals (ONXX) Following Encouraging Carfilzomib Data

Jefferies is maintaining its Buy rating and $50 price target on shares of Onyx Pharmaceuticals (NASDAQ: ONXX) following attending last week’s Chemotherapy Foundation Symposium in NYC.

The firm reported that it came away from the presentation with more reinforced convictions on carfilzomib’s compelling clinical profile.

Jefferies was mainly encouraged by "Dr. James Berenson, Medical & Scientific Director, Institute for Myeloma & Bone Cancer Research presented early data for a small but provocative PI/II trial exploring carfilzomib as replacement for Velcade in very heavily pretreated patients failing Velcade as their most recent line of therapy."

Jefferis believes the results could be really impactful despite the small enrollment, and continues to anticipate that the FDA will accept ONXX’ carfilzomib NDA by late-Nov with a 70 percent chance of approval 2012.

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 $39.48 yesterday.

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