| When Geoffrey Porges publishes a report, “I read it thoroughly and seriously. It is always extremely well diligenced, analyzed and written,” proclaims one investor. The Sanford C. Bernstein & Co. analyst, who takes the No. 3 spot for a fifth straight year, says the sector has benefited from “the flow of funds into the group and away from other traditional growth sectors, such as technology and energy, owing to the overall anxiety about global macroeconomic conditions.” Porges launched coverage of Onyx Pharmaceuticals in May with an outperform rating, at $46.41 and with a target price of $75, on the belief that the U.S. Food and Drug Administration would approve the San Francisco–based company’s proteasome inhibitor carfilzomib. He was right: In July regulators cleared the drug for the treatment of multiple myeloma. A few days later, when the stock hit $75.65 — marking a gain of 63 percent that bested the sector by 60.7 percentage points — the analyst downgraded it to market perform, on valuation. By the end of August, the shares had slid back to $71.92. RUNNER(S)-UP Rachel McMinn Yaron Werber |
