Onyx Pharmaceuticals (ONXX) - Bull Of The Day

Nexavar sales in the fourth quarter of 2008 remained strong for Onyx Pharmaceuticals, Inc. (NASDAQ:ONXX). This is mainly attributed to the market penetration in the liver cancer market, while Nexavar market share in kidney cancer market has stabilized due to heavy competition from Pfizer (NYSE:PFE) and Wyeth (NYSE:WYE).

We expect continued Nexavar sales growth in 2009 and over the next several years since the label has expanded to liver cancer. In addition to the US and EU, Nexavar has been approved in South Korea and China for liver cancer.

Nexavar will achieve blockbuster status in 2010. We maintain our Buy rating on Onyx shares with a price target of $45 per share.

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