Goldman Sachs Upgrades Onyx Pharmaceuticals (ONXX) to Conviction Buy

Goldman Sachs upgraded Onyx Pharmaceuticals (NASDAQ: ONXX) to Conviction Buy with a price target of $47.

The firm said the recent pullback offers an attractive entry point heading into a catalyst-rich 2012, when they expect "Street estimates to move higher for the company’s Nexavar/Rego cancer franchise following several data releases and where expectations for the timing of approval of key pipeline drug, CFZ have been appropriately reset.

Goldman sees the potential for significant growth acceleration. Ongoing trials of Nexavar and the launch of two new products could drive a 24% revenue CAGR (2012-2015) and sustainable profitability, the firm notes.

Multiple data catalysts are also expected with Phase 3 data from Nexavar for thyriod cancer and Rego for GIST.

In addition, timing of CFZ approval for blood cancer have been appropriately reset, Goldman's analyst said.

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 $38.15 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• New Street Research Upgrades Micron Technology (MU) to Buy
• Wolfe Research Upgrades Abbvie (ABBV) to Outperform
• Wolfe Research Upgrades Abbott Labs (ABT) to Outperform