Banc of America Ups Onyx Pharma to Buy

From Standard & Poor's Equity Research

Banc of America upgraded Onyx Pharmaceuticals (ONXX) to buy from neutral, explaining that the stock price has declined.

Onyx is researching Nexavar (sorafenib) tablets, which treat tumor cell proliferation.

Analyst David Witzke raises his $124 million 2006 US Nexavar sales estimate to $144 million. While optimistic about Nexavar's potential, he cuts a $33 12-month target to $23, but finds shares attractive following their recent sell-off.