Rodman & Renshaw Maintains Outperform, $57 PT on ONYX Pharmaceuticals

Rodman & Renshaw reiterates its Outperform rating and $57 target price on ONYX Pharmaceuticals

as BMY's BRISK trial failure reduces competitive risk for the company's Nexavar in HCC. Rodman & Renshaw notes, "After the close, Bristol Myers (BMY, Not Rated) announced that the BRISK-PS trial of brivanib for the treatment of liver cancer (hepatocellular carcinoma, HCC) after failure of Nexavar had failed to achieve its primary endpoint of an improvement in overall survival (OS). Brivanib is Nexavar's (sorafenib) most proximal competitive threat in the HCC space. While the failure of brivanib in the sorafenib-refractory population does not ensure failure in the first-line setting, we would argue that brivanib's lack of activity in this setting does not bode well for its success in first-line HCC." ONXX closed at $41.73 per share on Thursday.