JP Morgan Maintains Overweight on Onyx Pharmaceuticals

JP Morgan reiterates its Overweight rating on Onyx Pharmaceuticals

as anticipated weakness on regulatory hurdle is seen as a buying opportunity. JPM says, “On Sunday evening, ONXX announced that the FDA assigned the carfilzomib (CFZ) new drug application a 10-month standard review instead of a 6-month priority review. …This is still an incremental negative development. We also believe language in the press release questioning the data's sufficiency for accelerated approval and risk/benefit balance could further spook investors. Nevertheless, we would use anticipated weakness in ONXX as a buying opportunity, as we strongly believe CFZ approval is a question of when, not if. To that point, physician feedback over the weekend has been highly favorable.” ONXX closed at $40.63 per share on Friday.