UPDATE: Maxim Group Reiterates Buy Rating, Raises PT on Onyx Pharmaceuticals

In a report published Wednesday, Maxim Group reiterated its Buy rating on Onyx Pharmaceuticals ONXX, and raised its price target from $92.00 to $95.00. Maxim Group noted, “We believe Kyprolis sales are the major near-term driver of ONXX. Our randomized talks with oncologists suggest that the drug is broadly recognized by doctors and that most doctors will likely prescribe the drug according to its approved indication, relapsed and refractory multiple myeloma (MM) patients with at least two prior therapies. Meanwhile, many oncologists are open to the ideas of using Kyprolis as a first-line therapy once supporting trial data become available. Both the conversion of 003-A1 trial participants to paying patients and new prescriptions could drive sales. That said, we believe consensus expectations could run ahead of actual Kyprolis sales.” Onyx Pharmaceuticals closed on Tuesday at $75.40.