The Market Last Week and This Week
First last week was a light volume week for the markets being Easter. Consumer confidence showed some positive signs for the markets. The market upside moves in the last five weeks look suspicious and I’m skeptical of these moves matching EPS expectations as the next earnings reports come in. Nonetheless, looks like the market could keep moving up as long as the S&P500 stay above 1150 or so.
Now that everyone is back to work in the markets, the action and volume should pickup with another earnings season starting again. There’s still a lot of money on the sidelines while it sat out the move up from March 09. We should be seeing some real bull and bear fighting pretty soon it would seem.
My Stock Pick This Week
Is a buy long position on Onyx Pharmaceuticals biotechnology company. Their current flagship product is Nexavar in partnership with Bayer is an oral multiple kinase inhibitor that targets proteins involved in both tumor cell proliferation and anglogenesis. Nexavar is approved in more than 90 countries for the treatment of patients with unresectable liver cancer and for the treatment of patients with advanced kidney cancer. Nexavar is also being evaluated in trials for lung, thyroid, breast, colorectal, ovarian, and liver cancers. New cancer drug Onyx is working on with Pfizer is in trials against a range of cancers has shown in laboratory tests a remarkable ability to halt growth of a deadly type of brain tumour.
Oynx sales forecasts are for 20% annual growth with earnings estimates for Onyx to the end of 2010 and into 2011 are forecasted for exponential increase. Along with good growth opportunities in the USA Europe healthcare market, the new emerging markets of China Brazil India Russia and Africa are offering potentially more growth for Onyx and other Pharmaceutical companies. The emerging markets are forecasted to possibly contribute around 70% of pharmaceutical industry growth in the next five years. China right now presents the largest opportunity for Onyx with about 350,000 cancer cases.
Onyx has a new cancer drug being developed with Pfizer which is already in clinical trials against a range of cancers has shown in laboratory tests a remarkable ability to halt growth of a deadly type of brain tumour.
Buy Long Position Onyx Pharmaceuticals
Buy Entry: 30.05 to 30.50
Take Profit Areas: 33.49 to 34.17, 35.25 to 35.98, 38.94 to 39.77
Onyx Pharmaceuticals Company Profile
Onyx Pharmaceuticals, Inc., a biopharmaceutical company, engages in developing therapies targeting the molecular mechanisms causing cancer in the United States and internationally. Its lead product includes Nexavar (sorafenib) tablets, a novel, oral multiple kinase inhibitor that targets proteins involved in tumor cell proliferation and angiogenesis. This product is being developed and marketed in collaboration with Bayer HealthCare Pharmaceuticals. Its developing products include Nexavar for the treatment of liver cancer, kidney cancer, non-small cell lung cancer, thyroid cancer, breast cancer, ovarian cancer, and colorectal cancer; and Carfilzomib for the treatment of multiple myeloma and solid tumor. The company also develops ONX 0801, a Phase 1 clinical stage product, under a development and license agreement with BTG International Limited; and ONX 0912, an oral proteasome inhibitor. In addition, it develops ONX 0914, a preclinical stage product for the treatment of autoimmune disorders, such as rheumatoid arthritis, inflammatory bowel disease, and lupus. In addition, Onyx Pharmaceuticals, through a development collaboration, option, and license agreement with S*BIO Pte Ltd, owns options to license the rights of ONX 0803 and ONX 0805. ONX 0803 is an orally available, potent, and selective inhibitor of JAK2; and ONX 0805 is a JAK2 inhibitor. Further, the company has a research and development collaboration agreement with Warner-Lambert Company to discover and commercialize small molecule drugs that restore the control of, or otherwise intervene in, the misregulated cell cycle in tumor cells. Onyx Pharmaceuticals was founded in 1992 and is headquartered in Emeryville, California.
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Disclosure: No Positions: Going Long Per Trade Plan Above