UPDATE: Jefferies & Company Reiterates Buy Rating, Raises PT on Onyx Pharmaceuticals

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

, and raised its price target from $101.00 to $103.00. Jefferies noted, “ONXX reported a strong Kyprolis U.S. sales launch w/ $19M in only 8 wks into the launch (v. JEF: $3M), citing contributing factors such as pre-identification of pts prior to launch, and Kyprolis as the first tx in the salvage setting serving an unmet medical need. As a result we have adjusted our 2012-2013 Kyprolis revenues and raised our PT to $103 from $101, and reiterate our Buy.” Onyx Pharmaceuticals closed on Thursday at $80.33.