Onyx Pharmaceuticals Lowered to Neutral at Zacks (ONXX)
Onyx Pharmaceuticals (NASDAQ: ONXX) was downgraded by Zacks from an “outperform” rating to a “neutral” rating in a research note issued on Friday. They currently have a $88.00 price target on the stock.
Zacks‘ analyst wrote, “Onyx’s fourth quarter loss of $0.49 per share was well below the Zacks Consensus Estimate of a loss of $0.84. Quarterly revenues were $127.9 million, well above the Zacks Consensus Estimate of $108 million. Onyx, which was a one-product company until a year back, has successfully transformed into a multi-product company. With two recent product approvals and Nexavar continuing to perform well, Onyx looks well-positioned. We expect 2013 to be a catalyst-filled year as the company works on expanding the labels of currently marketed products and progresses with the development of other candidates. Kyprolis is off to a strong start and represents significant commercial potential. However, it will be facing competition given the recent approval of Celgene’s Pomalyst. We are moving back to a Neutral recommendation on Onyx. “
A number of other firms have also recently commented on ONXX. Analysts at JMP Securities raised their price target on shares of Onyx Pharmaceuticals from $100.00 to $102.00 in a research note to investors on Friday, February 22nd. Separately, analysts at Bank of America reiterated a “buy” rating on shares of Onyx Pharmaceuticals in a research note to investors on Friday, February 22nd. They now have a $100.00 price target on the stock, up previously from $99.00. Finally, analysts at Barclays Capital cut their price target on shares of Onyx Pharmaceuticals from $97.00 to $93.00 in a research note to investors on Friday, February 22nd. They now have an “overweight” rating on the stock.
Sixteen analysts have rated the stock with a buy rating, two have given an overweight rating, and four have issued a hold rating to the company’s stock. The stock currently has an average rating of “buy” and a consensus target price of $100.88.
Shares of Onyx Pharmaceuticals traded up 2.59% during mid-day trading on Friday, hitting $85.65. Onyx Pharmaceuticals has a one year low of $36.53 and a one year high of $93.18. The stock’s 50-day moving average is currently $76.57. The company’s market cap is $5.741 billion.
Onyx Pharmaceuticals last issued its quarterly earnings data on Thursday, February 21st. The company reported ($0.36) EPS for the quarter, beating the Thomson Reuters consensus estimate of ($0.76) by $0.40. The company had revenue of $127.90 million for the quarter, compared to the consensus estimate of $113.17 million. During the same quarter in the prior year, the company posted $1.50 earnings per share. The company’s quarterly revenue was down 46.0% on a year-over-year basis. On average, analysts predict that Onyx Pharmaceuticals will post $-2.40 earnings per share for the current fiscal year.
Onyx Pharmaceuticals, Inc. (Onyx) is a biopharmaceutical company. The Company is developing therapies that target the molecular mechanisms that cause cancer.
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