UPDATE: Brean Capital Sees Onyx Buyout Price At $160

Gene Mack, analyst at Brean Capital, Monday raised his price target on

to a street high $160 from $115 following the recent takeover offer from

. Amgen offered to buy Onyx for $120 per share or $8.73 billion. The new price target reflects a multiple of peak sales of 3 times the estimate of the company's key drug of $4.0 billion in sales, Mack said. He also notes that the 3 times multiple used is rather conservative and well-within the range of other biotech deals and expects revenues of roughly $600 million at the peak for the company's other drugs. Notably, mack expects Amgen or another suitor to come back and bid for the company at a higher price as he says a bigger player may be needed to unlock the full value of some key drugs for Onyx. At $160, the company is valued at just shy of $12 billion. Earlier today, Maxim Group issued a note valuing Onyx at between $130-140 per share while Bernstein says that management will only start seriously considering offers between $140-150 per share and Deutsche Bank sees fair value between $140-148 per share. Onyx shares rose a massive 50.94 percent Monday to $131.05 per share from Friday's close of $86.86. Shares made a new intraday, 52-week, and all-time high of $132.98 earlier this morning.