Bernstein analyst Geoffrey Porges believes Onyx Pharma's ONXX rejected $120/share offer from Amgen AMGN suggests a $140-150 range will be necessary to begin "to be viable for management, the board, and investors."
Amgen would be able to afford this higher price point according to Porges, though Onyx is exploring other opportunities following the rejection of the initial Amgen offer.
Potential scenarios include a defensive merger with a company like Seattle Genetics SGEN, Ariad ARIA, or Incyte INCY.
Stocks of the aforementioned companies have all seen gains on the post-Amgen-offer chatter.
Bernstein's Porges maintains a Market Perform rating and $109 price target on shares of Onyx Pharma.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
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!
Already a member?Sign in