UPDATE: Jefferies Upgrades Onyx Pharmaceuticals to Buy Post Kyprolis Approval

Jefferies raised its rating on Onyx Pharmaceuticals

from Hold to Buy and increased its price target from $55 to $101. Jefferies commented, "Kyprolis (carfilzomib) received FDA approval for RRMM a week ahead of its PDUFA date with an in-line label. With improved Kyprolis commercial outlook driven by better-than-expected pricing and limited near-term downside, we are upgrading ONXX to Buy from Hold with $101 PT as a standalone with our M&A analysis supporting upside (~21% v PT; ~61% v current valuation)." Onyx Pharmaceuticals closed at $76.38 on Friday.