The last few years have not been all that tremendous for pharmaceutical stocks but this year has been excellent for Onyx Inc (ONXX). They have been working on a cancer drug that might turn out to be something maybe. Working with the giant drug company Bayer they have gained approval for a drug called Nexavar as a treatment for kidney cancer. In 2006 it also gained approval overseas for this use most notably in Europe. Bayer and Onyx believe that the drug might in fact be useful in the treatment of other types of cancer as well such as liver, skin, and lung cancer so they have been testing it for these therapies. Nexavar has been approved for liver cancer treatment in the E.U. already. That happened earlier this year.
In January of 2003 the stock was going at $8 a share. One year later it was at $30. Six months later in the summer of 04 it was around $60. Then came the hard times. From the summer of 04 to the beginning of this year the stock tumbled and went from about $60 to about $10 in January of 07. Since the start of the year it has been flying and on December 14th 07 it closed at $56.36 a share. Its amazing what can happen for a drug company when its drugs get approved.
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