Zacks Investment Research upgraded shares of Onyx Pharmaceuticals, Inc. (ONXX) from NEUTRAL to OUTPERFORM on November 30, 2012, with a target price of $92.00.
We are upgrading Onyx to Outperform based on the company's strong third quarter results and improving prospects. Onyx reported solid third quarter results with revenues increasing 19.3% to $89.5 million, well above the Zacks Consensus Estimate of $81 million. Third quarter 2012 loss of $0.89 per share was narrower than the Zacks Consensus Estimate of a loss of $1.08. Recently launched Kyprolis is off to a solid start and the strong ramp should continue. Loss estimates for both 2012 and 2013 have gone down and the Zacks Rank has moved to #2 (short-term Buy' rating) from 3 (short-term Hold' rating). With two back-to-back product approvals to its credit, Onyx has successfully transformed itself from a one-product company to a multiple-product company.
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