
NEW YORK (AP) — Onyx Pharmaceuticals Inc. shares rose Thursday after a Bernstein Research analyst started covering the stock with an "Outperform" rating, saying he thinks the company's blood cancer drug candidate will reach $1 billion in annual sales by 2016. THE SPARK: Analyst Geoffrey Porges said he thinks that the drug, Kyprolis, will win broad marketing approval from regulators in 2014. He said sales could reach $2 billion annually by 2020. THE BIG PICTURE: The South San Francisco, Calif., company's annual revenue in 2011 was $477.2 million, so that would be a big increase. Onyx sells a liver and kidney cancer drug, Nexavar, through a partnership with German drugmaker Bayer AG. Kyprolis, or carfilzomib, is an experimental treatment for multiple myeloma, a type of ...
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