Onyx Pharmaceuticals (NASDAQ:ONXX) Pipeline Underappreciated Says Barclays (NYSE:BCS)

Commenting on what they call Onyx Pharmaceuticals' (NASDAQ:ONXX) 'underappreciated pipeline," Barclays (NYSE:BCS) sees 2011 as a "transformative" year of Onyx.

Barclays (NYSE:BCS) said, "We are reiterating our rating on shares of ONXX following posting of BATTLE-2 trial details on ClinicalTrials.gov. Following impressive Nexavar efficacy in BATTLE-1, we continue to be optimistic about the potential for Nexavar success in MISSION with data expected next year and estimate an $800M potential in Nexavar lung revenues with - 25,000 3rd-line non-small cell lung cancer (NSCLC) patients.

"With investor focus on flagship carfilzomib, for which we expect YE11 approval to support - $1B in sales, we continue to believe 2011 will be transformative for ONXX and its underappreciated pipeline. We expect multiple milestones for Carfilzomib in myeloma and late-stage Nexavar opportunities in NSCLC, liver, thyroid, and breast coming up next year."

Barclays reiterates an "Overweight" on Onyx Pharmaceuticals, which closed Friday at $35.48, up $0.18, or 0.51 percent. They have a price target on them of $42.