Jefferies Lifts PT on Onyx Pharmaceuticals (ONXX) to $104
March 19, 2013 6:50 AM EDT
Jefferies raised its price target on Buy-rated Onyx Pharmaceuticals (NASDAQ: ONXX) from $96 to $104 after front-line Kyprolis survey data signals robust uptake.
"Based on recent events incl frontline data and NCCN Compendium listing, and Pomalyst launch, we conducted a follow-up survey in myeloma, and observed 1st/2nd line Kyprolis use could be significantly higher than consensus," the analyst said.
The firm raised their Kyprolis U.S. sales estimates to $281M in '13 (v $226M previous and $244M consensus) and $497M in '14 (v $399M previous and $479M consensus).
The firm raised FY13 EPS from ($2.80) to ($2.14) and FY14 EPS from ($0.99) to ($0.35).
Thanks for posting this, John. I have argued before that the Pomalyst/Kyrpolis relationship was misunderstood and that by providing a third line treatment after Revlimid, Pomalyst would extend the life of MM patients and thereby increase the potential for Kyrpolis. If Kyrpolis competes with another drug, it is Velcade, also a proteasone inhibitor, over which it has some significant advantages.