UPDATE: Jefferies raises PT on Onyx Pharmaceuticals to $55

Jefferies reiterates a Hold rating on Onyx Pharmaceuticals ONXX and increase its price target from $45 to $55. Jefferies notes, “The ODAC Panel recommended carf as having a favorable benefit/risk profile for RRMM, and issued a positive vote of 11-0; 1 abstain. In a surprise "head fake" at the ODAC Panel, the FDA completely disregarded carf's risks of cardiac, pulmonary, and hepatic toxicity it had highlighted earlier in its briefing documents. We believe carf can be approved in H2 2012, therefore, we are raising our PT to $55 (prev $45).” Onyx Pharmaceuticals closed at $44.58 on Wednesday.