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Deutsche Bank's Robyn Karnauskas issued a research note Thursday morning suggesting the recent weakness in shares of Onyx Pharma (NASDAQ: ONXX) is overdone.

Onyx shares are down nearly 7 percent Thursday afternoon and have not closed in positive territory since August 1st. Over the course of August, the stock is down more than 11 percent.

Traders in the name have been responding to market chatter bidders which may or may not have been genuinely interested in Onyx are dropping out. Speculation Thursday suggests talks between Amgen (NASDAQ: AMGN) and Onyx have stalled amid a dispute over access to trial data.

Karnauskas called a deal between Amgen and Onyx still likely. He pointed out there have always been possible issues related to Onyx's Focus trial, with the margin of success generally being characterized as "narrow."

Deutsche Bank maintains a Hold rating and $140 price target on shares of Onyx.

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