Back in Onyx Pharmaceuticals Once Again
I nibbled back into Onyx Pharmaceuticals, Inc. (Ticker: ONXX) today at $116. Fortunately, I was short the August 120 puts and closed those out on Monday. I now view the risk reward as favorable with a potential deal price of $130. The sell off today was a bit of over reaction on news that Amgen (Ticker: AMGN) is holding off based on review of data from an ongoing trial. I have to say that Amgen is playing their cards perfectly.