Rodman & Renshaw Says Onyx (ONXX) Shares Undervalued; Reiterates Outperform, $57 Price Target

Shares of Onyx Pharma (Nasdaq: ONXX) are outperforming the broader stock market modestly Wednesday morning, potentially on the heels of a reassuring research note from Rodman & Renshaw's Michael King, Jr. While the S&P 500 is up about 0.6 percent to 1,351, Onyx shares are up 0.8 percent to $36.48.

The analyst noted shares of Onyx are now at the same price level as in October, however the company has reported a number of positive catalysts since then. King Jr. sees cash flows from regorafenib and sorafenib implying a potential value of about $30 per share. The model completely leaves out Onyx's carfilzomib, a product which the Rodman analyst believes could garner about $22-$25 per share. King Jr. is anticipating accelerated approval of carfilzomib.

King Jr. reiterated a Market Outperform rating and $57 price target on shares of Onyx. The analyst's price target represents potential upside of about 56 percent from where the stock is currently trading.

To track all the market-moving analyst calls on shares of Onyx, visit our Analyst Ratings page.

---

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

---

You May Also Be Interested In

• Lowe's (LOW) PT Lowered to $275 at Guggenheim
• Advance Auto Parts (AAP) PT Lowered to $48 at DA Davidson Following 25% Selloff Post Q2 Results
• Deere (DE) PT Raised to $585 at JPMorgan