UPDATE: J.P. Morgan Raises PT on Onyx Pharmaceuticals to $66

J.P. Morgan reiterates Overweight rating on Onyx Pharmaceuticals

and raises its price target from $48 to $66. J.P. Morgan notes, “Advisory Committee (ODAC) voted overwhelmingly in favor of accelerated approval of Kyprolis (carfilzomib). As outlined in our initial post panel alert (Kyprolis Conquers ODAC), we see a very high likelihood of accelerated approval (90%) and are modeling for a 4Q12 launch (vs. 2014 prior). With three legitimate oncology assets (Nexavar, rego, and Kyprolis), we strongly believe that ONXX is uniquely positioned among its mid-cap biotech peers and carries a substantial amount of strategic value. We reiterate our OW, and ONXX remains a top pick.” Onyx Pharmaceuticals closed at $44.58 on Wednesday.