Biotech
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Onyx is expected to earn 27 cents a share in 2008 and $1.48 a share in 2009 (excluding options expense), according to Thomson Financial. Both estimates have come down considerably since the company's fourth-quarter conference call. At Wednesday's closing stock price, Onyx is trading at just under 19 times the 2009 earnings estimate, a relatively low multiple given that Nexavar has a lot of growth ahead of it. That certainly reflects investors' lack of confidence in Onyx's ability to deliver profits. Thursday brought another worry for Onyx. Novartis(NVS - Cramer's Take - Stockpickr) announced positive phase III results for its drug everolimus in patients with advanced kidney cancer. If and when the drug reaches the market, it could further pinch Nexavar's share of the kidney cancer market. The days of Onyx's stock price taking care of itself are over. Coles has to get out there and sell the company to investors again. If he does that, and delivers profits, Onyx shares should rebound.
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