Myriad Genetics, Onyx Pharmaceuticals, AMAG Pharmaceuticals and 3SBio – Press Releases | Stock Market News & Stocks to Watch from StraightStocks

Myriad Genetics, Onyx Pharmaceuticals, AMAG Pharmaceuticals and 3SBio – Press Releases

Source: http://www.zacks.com/stock/news/19223/Myriad+Genetics%2C+Onyx+Pharmaceuticals%2C+AMAG+Pharmaceuticals+and+3SBio+-+Press+Releases
Posted on Friday, April 17th, 2009 | In Market Commentary, Stocks to Watch

Contributed by: Zacks Market Commentaries (http://www.zacks.com/) -

For Immediate Release

Chicago, IL – April 17, 2009 – Zacks.com announces the latest Industry Outlook. Today’s outlook from Zacks Equity Research analyst Grant Zeng discusses the Biotech sector. Highlighted stocks include: Myriad Genetics (MYGN), Onyx Pharmaceuticals Inc. (ONXX) and AMAG Pharmaceuticals Inc. (AMAG) and 3SBio Inc. (SSRX).

Here is the latest on the Biotech sector:

We continue to have BUY ratings on Myriad Genetics (MYGN), Onyx Pharmaceuticals Inc. (ONXX) and AMAG Pharmaceuticals Inc. (AMAG). All three companies have strong balance sheets, which eliminate immediate financing needs.

MYGN is a biopharmaceutical company that focuses on the development of molecular diagnostic and therapeutic products. The company’s molecular diagnostics business has been very strong and continued to grow impressively in the fiscal second quarter of 2009 ended December 31, 2008, and the outlook is bright even in the current economic environment. We expect another strong quarter coming out early next month. Our price target is $53.

ONXX is an oncology company developing and marketing Nexavar for various cancer indications. Nexavar has been approved for kidney cancer and liver cancer, and sales remained strong in 4Q08 and will continue its momentum in the coming quarters. With profits at its back, ONXX recently in-licensed two cancer drug programs, BGC945 from BTG International Limited, and JAK2 inhibitors SB1518 and SB1578 from Singapore’s S*Bio, while continues to expand Nexavar labels. With a cash balance of $458 million and no debt as of December 31, 2008, ONXX is well positioned for long-term growth. The company is also cooperating with Bayer for Nexavar, which makes it a potential and meaningful buyout target by Bayer. Our price target is $45.

AMAG develops superparamagnetic iron oxide nanoparticles for use in pharmaceutical products. The company’s focus is on developing IV iron replacement therapy for anemia in chronic kidney disease and imaging agents to aid in diagnosis. The company filed the NDA for its lead drug, Ferumoxytol, in December 2007, and we expect FDA approval to come in the middle of 2009. AMAG is not profitable yet, but with Ferumoxytol approval at its fingertips, the company should enjoy strong growth in the coming years. its balance sheet is strong. As of December 31, 2008, the company had $215 million in cash, cash equivalents and investments and no long-term debt. Our price target is $55.

We also have a Buy rating on 3SBio Inc. (SSRX). SSRX is a integrated, China-based biotech company focused on developing and marketing therapeutics for nephrology, oncology and cancer supportive care. The company’s flagship product, EPIAO, is the number 1 brand in China EPO market. Its second lead product, TPIAO, has gained rapid physician acceptance for thrombocytopenia, and is making a meaningful contribution to the company’s top-line growth. A recent deal with US-based AMAG Pharmaceuticals Inc. will boost its expansion into IV Iron market. Our price target is $10.

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