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Wachovia Upgrades Onyx Pharmaceuticals

Wachovia upgrades Onyx Pharmaceuticals (ONXX) to market perform from underperform.

Analyst George Farmer says, in light of expected upcoming events, he's upgrading on what he believes to be a fair market trading range for Onyx Pharmaceuticals.

He also upgrades on the belief that most of the short-term short interest has been shaken out of the stock since the American Society of Clinical Oncology (ASCO) conference. He expects the stock to sit near current levels for the rest of 2005.

Catalysts Farmer believes are already built into stock include the filing and acceptance of sorafinib New Drug Application for treatment of renal cell carcinoma (RCC) by the end of 2005. He notes he's expecting drug approval to occur in the first half of 2006.

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