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NEW YORK ( TheStreet) -- Onyx Pharmaceuticals (Nasdaq: ONXX) hit a new 52-week high Wednesday as it is currently trading at $46.26, above its previous 52-week high of $46.07 with two million shares traded as of 10:50 a.m. ET. Average volume has been 850,700 shares over the past 30 days. Onyx has a market cap of $2.79 billion and is part of the health care sector and drugs industry. Shares are down 1.2% year to date as of the close of trading on Tuesday. Onyx Pharmaceuticals, Inc., a biopharmaceutical company, engages in the development and commercialization of therapies that target the molecular mechanisms causing cancer the United States, Canada, and Europe. The company has a P/E ratio of 36.5, equal to the average drugs industry P/E ratio and above the S&P 500 P/E ratio of 17.7.