S&P 500
7,582.20
+0.03%
Dow Jones
51,018.80
+0.58%
Nasdaq 100
30,344.40
+0.25%
Russell 2000
2,916.31
-0.54%
FTSE 100
10,378.60
-0.32%
Nikkei 225
66,231.90
+0.67%

Health and Healthcare

Onyx Pharma Becomes Stock of the Day

Photo of Jon C. Ogg
By Jon C. Ogg Updated Published

Invalid Image
Onyx Pharmaceuticals, Inc. (NASDAQ: ONXX) was already on the radar screens in biotech before this morning.  But news showing that the company’s cancer drug carfilzomib has received favorable FDA panel vote has shares surging.  The vote was 11-to-1 in favor of recommending approval.

Investors need to keep in mind that a final decision is expected by the end of July, and the FDA drug approval process does not always follow the opinion and guidance of the panels.

The company generated sales of $447 million in 2011 and Thomson Reuters is looking for $299.3 million in sales in 2012 and $348 million in sales in 2013.  Unfortunately it is expected to post a loss in both years.

Onyx opened up at $61.46 and the stock is now up 37% at $61.15 right after the open with more than 5 million shares having traded hands.  The prior 52-week range was $27.17 to $47.80 and the market cap is now $2.9 billion.

Watch the options trading in the July and August contracts as the trading has been very elevated of late.

JON C. OGG

Follow 24/7 Wall St. on Google
Photo of Jon C. Ogg
About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

Continue Reading

Douglas A. McIntyre |

Today’s Market Winners And Losers (6/21/2012)

While the Dow Jones Industrial Average, S&P 500 and NASDAQ are down slightly today after weak data on the U.S. labor…

Douglas A. McIntyre |

Dendreon’s Big Day

This was Dendreon’s (DNDN-NASDAQ) big day, and may be what will end up as the largest battleground stock so far…

Jon C. Ogg |

VIVUS Scores FDA Backing For Qnexa Against Obesity (VVUS, OREX, ARNA)

VIVUS, Inc. (NASDAQ: VVUS) is going to likely have a huge day on Thursday.  The FDA panel reviewing its Qnexa drug…

Jon C. Ogg |

Options Evaluation After FDA Panel Backing For NPS Pharma

NPS Pharmaceuticals, Inc. (NASDAQ: NPSP) may not yet have formal approval for its short bowel syndrome drug called Gattex, but…

Jon C. Ogg |

Can Chelsea Live Up to Its Potential This Time?

Chelsea Therapeutics International is on the leader board for percentage gains on Thursday, with a rise of 111% or so.…

Jon C. Ogg |

VIVUS Faces Shareholder Risks After FDA Delay On Obesity Pill (VVUS, ARNA, OREX)

VIVUS Inc. (NASDAQ: VVUS) is getting a bit of a haircut this morning on the heels of some news from…

Trey Thoelcke |

Top New Biotech Ideas From PropThink

ThinkstockThe world of biotech investing is always a difficult one. Often a binary event, such as a Food and Drug…

Jon C. Ogg |

NPS Pharma Enters Cautionary Phase of the FDA Approval Process

NPS Pharmaceuticals traded lower on what sounded like good news. The problem is that headlines often do not reveal the…

Paul Ausick |

Onyx Pharma Shares Halted Before FDA Approval

Shares of Onyx Pharmaceuticals Inc. (NASDAQ: ONXX) were halted for about half an hour this morning pending an announcement from…

Top Gaining Stocks

Dell Technologies
DELL • Vol: 42,366,555
NetApp
NTAP • Vol: 15,911,807
ServiceNow
NOW • Vol: 68,243,561
IBM
IBM • Vol: 28,527,546
Hewlett Packard Enterprise
HPE • Vol: 86,996,387

Top Losing Stocks

Coterra Energy
CTRA • Vol: 73,319,495
Clorox
CLX • Vol: 4,744,001
ResMed
RMD • Vol: 3,526,686
Intel
INTC • Vol: 191,680,425
Skyworks Solutions
SWKS • Vol: 5,407,806