UPDATE: Dawson James Securities Initiates Coverage on Onyx Pharmaceuticals with Market Outperform Rating, $91 PT

In a report published Friday, Dawson James Securities initiated coverage on Onyx Pharmaceuticals

with a Market Outperform rating and $91.00 price target. Dawson James noted, “We are initiating coverage of Onyx Pharmaceuticals with a Market Outperform Rating and a $91 price target. Onyx is in the fortunate position of being one of the few multi-product companies in the biotechnology industry. Perhaps even more remarkable, the company has transformed itself from a one-product company collecting a royalty from its partner, Bayer (BAY.DE, Not Covered) on its lead oncology therapeutic, Nexavar, to a company that owns all the rights to the next-generation proteasome inhibitor, Kyprolis (carfilzomib) and is positioned to receive near profit split-like economics on next generation kinase inhibitor, Stivarga (regorafenib). In our opinion, these two new product additions to the Onyx portfolio will continue to fuel continued robust share price performance.” Onyx Pharmaceuticals closed on Thursday at $76.70.