Brean Murray Carret Reiterates Hold on Onyx on CORRECT Trial Data

Brean Murray Carret maintains its Hold rating on Onyx ONXX as Phase III data on the CORRECT trial is released. Brean Murray Carret notes, "Onyx and Bayer released Phase 3 data from the CORRECT trial (in an abstract from ASCO GI) where 760 patients who had previously failed standard therapy for metastatic colorectal cancer (mCRC) were randomized 2:1 to either regorafenib or placebo. ...The progression free survival (PFS) was 1.9 months for regorafenib patients versus 1.7 months for the placebo patients, and the overall response rate was not statistically significant. ...We are not particularly encouraged by the OS or PFS data, especially given how Onyx shares have responded so positively to the Bayer renegotiation."  ONXX closed at $43.86 per share on Tuesday.