Canaccord Genuity Reiterates a 'Buy' on Onyx Pharmaceuticals (ONXX); Lowering PT on Expected C-mib Delay
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Price: $124.70 --0%
Rating Summary:
9 Buy, 12 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
Rating Summary:
9 Buy, 12 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
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Canaccord Genuity reiterates a 'Buy' on Onyx Pharmaceuticals (NASDAQ: ONXX) price target lowered from $48 to $43.
Canaccord analyst, George Farmer, said, "We would be aggressive buyers on anticipated share depreciation following increased near-term c-mib regulatory risk...Onyx announced FDA decision to review the New Drug Application (NDA) for carfilzomib (c-mib) under a Standard Review timeline, with a PDUFA date of July 27, 2012. We believe the decision not to grant c-mib a Priority Review, along with discouraging comments within FDA’s notification letter shared by the company, puts accelerated approval at significant risk. Hence, we do not assume c-mib will reach the market next year as originally modeled."
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 $40.63 yesterday.
Canaccord analyst, George Farmer, said, "We would be aggressive buyers on anticipated share depreciation following increased near-term c-mib regulatory risk...Onyx announced FDA decision to review the New Drug Application (NDA) for carfilzomib (c-mib) under a Standard Review timeline, with a PDUFA date of July 27, 2012. We believe the decision not to grant c-mib a Priority Review, along with discouraging comments within FDA’s notification letter shared by the company, puts accelerated approval at significant risk. Hence, we do not assume c-mib will reach the market next year as originally modeled."
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 $40.63 yesterday.
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