Onyx Pharmaceutical ( NASDAQ: ONXX ) jumped after FDA backing news

Onyx Pharmaceutical ( NASDAQ: ONXX ) jumped more than 45 % and trading at 52 week high around $ 64, as the company's blood cancer drug gets US FDA panel backing. It will be a huge positive as far as the development is concerned. Stock might see more upside in course ahead, if drug gets through the trials and approved by USFDA. Also, it might be a takeover target for big companies at a huge premium from current levels as well. Investors should keep following the stock for any further development.

Below is the news release from reuters

Reuters reported that U.S. drug advisers backed Onyx Pharmaceuticals’s drug for patients who have failed to successfully treat their blood cancer with other medicines, making it likely the drug would secure approval from U.S. regulators. A panel of outside advisers to the Food and Drug Administration voted unanimously to recommend approval of Onyx’s drug, to be sold as Kyprolis, for treating multiple myeloma in people who have tried at least two other medicines
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