UPDATE: Bank of America Reiterates Buy Rating, Raises PT on Onyx Pharmaceuticals on Multiple 4Q Positives

Loading...
Loading...
In a report published Friday, Bank of America reiterated its Buy rating on Onyx Pharmaceuticals
ONXX
, and slightly raised its price target from $99.00 to $100.00. Bank of America noted, “There were three positives to ONXX's 4Q report: (1) 4Q Kyprolis sales of $45.3M were ahead of the $43.5M previously preannounced, implying strong new patient starts during the quarter vs. our model. (2) First quarterly Stivarga royalties of $8.2M were well ahead of our $1.2M estimate, and while driven by bolus patients first coming on therapy, shows this product will provide better incremental cashflows than our prior estimates. (3) ONXX disclosed an 8% royalty rate it receives on PFE's exciting new breast cancer drug candidate '991, ahead of midsingle digit % expectations. ONXX gave soft 2013 Kyprolis guidance of steady Q/Q sales growth, which implies at least $190-$200M in annual sales.” Onyx Pharmaceuticals closed on Thursday at $69.93.
Posted In: Analyst ColorPrice TargetAnalyst RatingsBank of America
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...