UPDATE: Jefferies Reiterates Buy Rating, Lowers PT on Onyx Pharmaceuticals on Good Outlook

In a report published Friday, Jefferies reiterated its Buy rating on Onyx Pharmaceuticals

, but lowered its price target from $103.00 to $96.00. Jefferies noted, “ONXX reported in-line Q4 Kyprolis sales while guiding to higher 2013 OpEx on PIII expenses and full-year of Kyprolis mktg. Notably, management's commentary on Kyprolis market dynamics remains positive, anticipating q/q demand growth in 2013 with increased news flow beginning Apr through YE13. We believe there's potential near/mid-term positive inflection points for Kyprolis upside despite our lowered $96 PT on higher spend.” Onyx Pharmaceuticals closed on Thursday at $69.93.