Boston, MA 02/07/2013 (wallstreetpr) – Onyx Pharmaceuticals Inc. (NASDAQ:ONXX) recently rejected an undervalued takeover bid from Amgen Inc., fixed at $120 per share. However, the biopharmaceutical company also announced that it is currently exploring the strategic alternative of selling itself to other bidders who would offer a higher price for the company. This announcement made by Onyx Pharmaceuticals Inc. (NASDAQ:ONXX) sent the shares of the company and other players in the biotechnology sector to soaring heights. The biotech segment surged by more than 3 percent on Monday, compared to the NASDAQ rise of 1 percent.
Shares of Onyx Pharmaceuticals Inc. (NASDAQ:ONXX) rose by 51.27 percent to close at $131.33 on Monday. The shares recorded an intraday high of $132.98 per share and an intraday low of $129.44 per share during the day. As of the last trading session, shares of Onyx Pharmaceuticals Inc. (NASDAQ:ONXX) had a 52-week high of $132.98 and a 52-week low price of $63.00 per share.
Onyx Pharmaceuticals Inc. (NASDAQ:ONXX) traded at very high volumes of 18.62 million shares on Monday, while the average level of trading in the company is only 1.10 million shares per day. With 72.74 million shares outstanding in the market, Onyx Pharmaceuticals Inc. (NASDAQ:ONXX) currently has a market cap of $9.55 billion and an institutional ownership of 105 percent of total share capital.
Onyx Pharmaceuticals Inc. (NASDAQ:ONXX) is primarily engaged in developing treatment therapies aimed at targeting the molecular mechanisms that are the causes of cancer. The two basic platforms that have been developed by the biopharmaceutical company include the kinase and proteasome inhibition. Nexavar tablets, which were developed under the kinase inhibitor franchise, have been approved for the treatment of advanced kidney cancer and unresectable liver cancer and are marketed through the partnership agreement with Bayer Healthcare Pharmaceuticals Inc.
