Goldman Sachs Sets Onyx Pharmaceuticals Price Target at $98.00 (ONXX)
October 5th, 2012 - 0 comments - Filed Under - by Trevor Kearing
Investment analysts at Goldman Sachs raised their target price on shares of Onyx Pharmaceuticals (NASDAQ: ONXX) from $88.00 to $98.00 in a note issued to investors on Friday. The firm currently has a “buy” rating on the stock.
The analysts wrote, “We are highly encouraged by the results of our survey and are raising our above-consensus Kyprolis estimates, which drive our non-GAAP EPS estimates higher. Our survey points to high awareness of the drug (40% of US physicians have already prescribed), prescribing in academic and private practice settings, usage of the drug in the US across all lines of therapy (surprisingly including some first-line), the majority of dosing at labeled dose, no significant reimbursement issues and nothing new on the safety front.”
Onyx Pharmaceuticals traded up 4.03% on Friday, hitting $89.33. Onyx Pharmaceuticals has a 1-year low of $30.53 and a 1-year high of $87.47. The company has a market cap of $5.815 billion and a price-to-earnings ratio of 318.04.
Onyx Pharmaceuticals last released its earnings data on Wednesday, August 1st. The company reported ($0.68) EPS for the quarter, beating the Thomson Reuters consensus estimate of ($0.69) by $0.01. Onyx Pharmaceuticals’s revenue was up 7.0% compared to the same quarter last year. On average, analysts predict that Onyx Pharmaceuticals will post $-3.26 earnings per share for the current fiscal year.
ONXX has been the subject of a number of other recent research reports. Analysts at Bank of America reiterated a “buy” rating on shares of Onyx Pharmaceuticals in a research note to investors on Monday. They now have a $89.00 price target on the stock. Separately, analysts at Brean Murray initiated coverage on shares of Onyx Pharmaceuticals in a research note to investors on Thursday, September 27th. They set a “buy” rating and a $98.00 price target on the stock. Finally, analysts at Deutsche Bank reiterated a “buy” rating on shares of Onyx Pharmaceuticals in a research note to investors on Wednesday, September 19th.