Onyx Pharmaceuticals is up big for the second day in a row. The stock nearly doubled yesterday on astronomical volume of 56,000,000 shares and today as I write this it's up almost 8% with more than 18,000,000 shares changing hands. So, what's up besides the stock?
Monday morning the company announced that its drug "Nexavar" extended the lives of patients with liver cancer in a late-stage clinical trial. In an interview with me from the BIO CEO and Investor Conference, Onyx's Chairman and CEO Hollings Renton would not reveal exactly how long the drug extended survival. The company plans to make a big splash with that information at ASCO--the big scientific, oncology conference in early June. In the meantime, the clinical trial has been halted so the patients who were getting the placebo along with chemo can switch to Nexavar. It's a pill and it doesn't have to be taken with traditional chemo which has so many lousy side effects.