Deutsche Bank Maintains a 'Buy' on Onyx Pharmaceuticals (ONXX); SEARCH Fails, But Success Wasn't Necessary

Deutsche Bank maintains a 'Buy' on Onyx Pharmaceuticals (NASDAQ: ONXX) price target of $110.00.

Deutsche analyst said, "Onyx and partner, Bayer, announced that SEARCH, a ph 3 trial evaluating Nexavar +/- Tarceva in advanced liver cancer failed to show benefit of adding Tarceva to Nexavar. Recall, Nexavar already has a monopoly in this market and recent competitors have failed (brivanib, sunitinib, linifanib). We believe this trial was done to strength Nexavar's position in liver cancer. However, since late stage competitors have failed, we had viewed success of SEARCH as not necessary to maintaining share in liver cancer. Hence, we view today's results as a non-event. Notably, there are competitors in ph 2 development. However, we see them as having minimal impact on Onyx fair value as Nexavar's patent expires in 2020."

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 $76.38 yesterday.

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