Merrill maintains Onyx at neutral

Onyx Pharmaceuticals was maintained at a neutral rating by Merrill Lynch analyst Eric Ende on the announcement that Onyx and Bayer plan to conduct a phase 3 special protocol assessment trial of Nexavar in combination with chemotherapy versus chemotherapy alone in front-line treatment of non-small cell lung cancer. Merrill believes in light of Avastin being the only drug to show such a benefit, it believes the trial has significant risk. But. if successful with limited toxicities, Nexavar could effectively compete with Avastin on safety and convenience, increasing Nexavar's market opportunity. Shares of the Emeryville, Calif., biopharmaceutical company were down 23 cents, or 0.80%, at $28.53 on volume of 877,788 shares versus the three-month running average of 1,001,510 shares. (Nasdaq: ONXX)

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