Summer Street Analysts Initiate Coverage on Onyx Pharmaceuticals, Inc. (ONXX)
Tuesday, August 23, 2021 1:35 PM

Equities research analysts at Summer Street initiated coverage on shares of Onyx Pharmaceuticals, Inc. (NASDAQ: ONXX) in a research note to investors on Tuesday. The analysts set a "buy" rating and a $49.00 price target on the stock.

Separately, analysts at Summer Street Research initiated coverage on shares of Onyx Pharmaceuticals, Inc. in a research note to investors on Tuesday. They set a "buy" rating and a $49.00 price target on the stock. Also, analysts at Zacks Investment Research downgraded shares of Onyx Pharmaceuticals, Inc. from a "neutral" rating to an "underperform" rating in a research note to investors on Friday, August 12nd.

Shares of Onyx Pharmaceuticals, Inc. traded up 1.78% during mid-day trading on Wednesday, hitting $30.29. Onyx Pharmaceuticals, Inc. has a 52 week low of $23.91 and a 52 week high of $45.90. The stock's 50-day moving average is $32. and its 200-day moving average is $35.8. The company has a market cap of $1.925 billion.

Onyx Pharmaceuticals, Inc. last announced its quarterly results on Wednesday, August 3rd. The company reported ($0.43) earnings per share (EPS) for the previous quarter, missing the Thomson Reuters consensus estimate of ($0.17) EPS by $0.26. The company’s quarterly revenue was down 1.2% on a year-over-year basis. On average, analysts predict that Onyx Pharmaceuticals, Inc. will post $0.10 EPS next quarter.

Onyx Pharmaceuticals, Inc. is a biopharmaceutical company engaged in developing therapies that target the molecular mechanisms that cause cancer. With the Company’s collaborator, Bayer HealthCare Pharmaceuticals (Bayer), the Company is developing and commercializing anticancer therapies. The Company’s product, Nexavar (sorafenib) tablets, being developed with Bayer, is approved by the United States Food and Drug Administration (FDA), for the treatment of patients with advanced kidney cancer and unresectable liver cancer. Nexavar is an orally available kinase and angiogenesis inhibitor that targets both cancer cell proliferation and tumor growth through the inhibition of key signaling pathways. On November 16, 2009, the Company acquired Proteolix, Inc., pursuant to which the name of the company was changed to Onyx Therapeutics, Inc. Through the acquisition, it acquired the rights to Carfilzomib, PR 957 (designated as ONX 0914) and PR 047 (designated as ONX 0912).

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