Major Volume Alert: Onyx Pharma (ONXX)

Posted in pre-market 
July 22nd, 2009

Onyx Pharmaceuticals Inc. (NASDAQ: ONXX) is trading up after it and Bayer announced that their first randomized Phase 2 trial in advanced metastatic breast cancer met the primary endpoint of progression-free survival.  Shares are up 25% at $36.00 after closing at $28.69 yesterday.  At 8:28 AM EST we have already seen 500,000 shares trade hands.  This compares to an average day’s volume of only about 850,000.  The 52-week trading range is $21.66 to $45.69.  ONXX is likely to have exponential trading volume figures today…. AT THIS RATE THE AVERAGE DAILY VOLUME WILL ALREADY BE HIT BEFORE THE MARKET EVEN OPENS FOR TRADING AT 9:30 AM. -Jon Ogg

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