UPDATE: Jefferies Maintains Buy, Lowers PT to $45 on Onyx

Jefferies reiterates its Buy rating on Onyx (NASDAQ: ONXX) and lowers its price target to $45 from $50 as Carf remains in Play but under a longer 10-month review.

Jefferies says, “ONXX disclosed FDA designated a 10-mo review for carf in RRMM. While the standard review may represent an optical negative, we continue to believe the carf dataset is robust, supporting a compelling value proposition including an ~15-16% (JEF est) for “doublerefractory” pts.”

ONXX closed at $40.63 per share on Monday.