UPDATE: Canaccord Genuity Assumes Onyx Pharmaceuticals (ONXX) at Buy

(Updated - October 11, 2012 8:36 AM EDT)

Canaccord Genuity assumes coverage on Onyx Pharmaceuticals (NASDAQ: ONXX) with a Buy. PT $105.00.

"The key value driver is Kyprolis, a wholly-owned proteasome inhibitor (PI), recently approved in the U.S. for relapsed/refractory multiple myeloma (RRMM)," analyst Salveen Richter comments, "Our physician feedback suggests Kyprolis is seeing rapid uptake in its ~11 weeks since launch, with decent off-label administration (combination therapy; earlier-line setting and higher doses). We model for Kyprolis peak sales of $2.1B in 2020, with $10.4M in Q3 and $39.7M in 2012 (vs. consensus of $5.5M and $22.2M, respectively). Nexavar ($1B in FY12E revenue) and Stivarga, partnered with Bayer, provide a solid stream of revenue, with upside potential. The
next key catalysts are Q3 EPS, P3 DECISION data (Nexavar in thyroid cancer in Q4), P1/2 oprozomib data at ASH (Dec. 9-11) and ASPIRE data (see below; interim analysis in H1/13)."

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 $86.50 yesterday.

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