T/FIF, a New Plateau Message Board

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Biotech / Medical : T/FIF, a New Plateau

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To: scaram(o)uche who wrote (996)	3/1/2002 3:21:53 PM
From: Ward Knutson	Read Replies (2) of 2243

<<Onyx Pharma ONXX CE Unterberg Towbin from ST Buy/LT Buy to ST Mkt Perform/LT Mkt Perform>> That is an inaccurate representation of CEUT's opinion, it is and has been for a long, long time (September 2000) NEUTRAL/AVOID. This from CEUT website. ceut.com Onyx Pharmaceuticals * David Bouchey, Vice President 303.892.6166 SYMBOL: ONXX RATING: MP/Avoid '02E: -2.20 '03E: -- PRICE TARGET: NA Mid-Quarter Update Onyx reported 4Q01 revenues of $1.3 million, less than our estimated $3.5 million. Operating expenses were $12 million vs. to our estimate of $11.9 million. The company lost $0.51 for the quarter and $1.50 for the year; we had estimated $0.42 and $1.41. Onyx will need to raise capital to support its development programs. We believe this will be difficult given the failure with Onyx-015, the early stage of the raf inhibitor and the as-yet-unproven benefit of this class of anti-cancer compounds. In our opinion, Onyx’s most likely option may be dissolution. We are maintaining our Long-Term Avoid rating.

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