Onyx Pharmaceuticals, Inc. (NASDAQ: ONXX) was already on the radar screens in biotech before this morning. But news showing that the company’s cancer drug carfilzomib has received favorable FDA panel vote has shares surging. The vote was 11-to-1 in favor of recommending approval.
Investors need to keep in mind that a final decision is expected by the end of July, and the FDA drug approval process does not always follow the opinion and guidance of the panels.
The company generated sales of $447 million in 2011 and Thomson Reuters is looking for $299.3 million in sales in 2012 and $348 million in sales in 2013. Unfortunately it is expected to post a loss in both years.
Onyx opened up at $61.46 and the stock is now up 37% at $61.15 right after the open with more than 5 million shares having traded hands. The prior 52-week range was $27.17 to $47.80 and the market cap is now $2.9 billion.
Watch the options trading in the July and August contracts as the trading has been very elevated of late.
JON C. OGG
Want to Retire Early? Start Here (Sponsor)
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
