Zacks Investment Research downgraded shares of Onyx Pharmaceuticals, Inc. (ONXX) from OUTPERFORM to NEUTRAL on March 08, 2013, with a target price of $88.00.
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.
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