Onyx Pharmaceuticals (NASDAQ:ONXX) May Take Breather

Canaccord Genuity maintains their "Buy" rating on Onyx Pharmaceuticals (NASDAQ:ONXX). but it comes with the caveat of uncertainty surrounding risks connected to the company.

Canaccord said, "We expect Dec. 6 ASH presentation of ONXX’s Phase II 003-A1 trial evaluating carfilzomib in r/r multiple myeloma to be positive, but it could leave important questions unanswered. Accordingly, despite our BUY thesis supported mostly on underappreciated value, we believe shares could take a breather...Our $34 target is based on a DCF. Risks include clinical trial failures and regulatory delays."

Onyx closed Tuesday down to $29.51, falling $0.20, or 0.67 percent. Canaccord has a price target of $34 on the company.