UPDATE: Bank of America Maintains Onyx Pharmaceuticals at Buy on Latest Kyprolis Data
Bank of America reiterated Onyx Pharmaceuticals (NASDAQ: ONXX) at Buy with a $99 price objective.
Bank of America said, "November IMS sales for ONXX's multiple myeloma drug Kyprolis were $9.8M, below $10.0M reported in October. As we have noted previously, it is difficult to extrapolate actual sales from IMS data because IMS does not have access to sales information from all key wholesalers. … Management commentary in early December gave us the impression to expect growth from new prescribers to more than offset loss of the initial bolus seen early in the launch, so we are not changing our model at this time."
Onyx Pharmaceuticals closed at $75.64 on Friday.
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