UPDATE: Jefferies Upgrades Onyx Pharmaceuticals to Buy Post Kyprolis Approval
Jefferies raised its rating on Onyx Pharmaceuticals (NASDAQ: ONXX) from Hold to Buy and increased its price target from $55 to $101.
Jefferies commented, "Kyprolis (carfilzomib) received FDA approval for RRMM a week ahead of its PDUFA date with an in-line label. With improved Kyprolis commercial outlook driven by better-than-expected pricing and limited near-term downside, we are upgrading ONXX to Buy from Hold with $101 PT as a standalone with our M&A analysis supporting upside (~21% v PT; ~61% v current valuation)."
Onyx Pharmaceuticals closed at $76.38 on Friday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.