Onyx Pharmaceuticals (ONXX) NewsBite - ONXX Tumbles on Downgrade

Posted on Wednesday, July 23, 2008 1:31 PM

Onyx Pharmaceuticals Inc. (ONXX) opened at 39.98. So far today, the stock has hit a low of 38.31 and a high of 40.03. ONXX is now trading at 38.71, down 2.57 (-6.43%). The stock hit its 52 week high of 61.18 in November and set its 52 week low of 24.60 in March. ONXX slipped at the beginning of this year, but has been stronger recently. Onyx Pharmaceuticals shares have been taking a hit today after a Merrill Lynch analyst downgraded the stock from "Neutral" to "Underperform." Technical indicators for the stock are bullish and steady. If you’re looking for a hedged play on this stock, consider an August bear-call credit spread above the $45 range. ONXX stock could rise up to 16.2% before expiration and this position would still be profitable. [RHF - Seven Summits Strategic Investments NewsBite]