Goldman Sachs Neutral On Onyx Pharmaceuticals

Goldman Sachs is out with a research report on Onyx Pharmaceuticals, Inc. ONXX and it has a Neutral rating and a $40 price target on shares. In a note to clients, Goldman Sachs writes, "Given the CFZ delay, we now expect FDA to either accept the NDA filing or issue a refuse to file letter in Nov/Dec (within 60 days of filing). In our view, FDA acceptance of the NDA would be an incremental positive. We continue to assign an 80% probability of approval of CFZ in the US (split evenly between early accelerated approval in 2012 and 2014 standard approval). ONXX's ongoing litigation with partner Bayer (over development of Bayer's Regorafenib) is the next potential catalyst for shares, in our view." Shares of ONXX lost $1.17 yesterday to close at $30.37, a loss of 3.71%.