It's sad when investors can't get excited about a company doubling its earnings per share  and posting 19% growth in sales of its drug, but that's exactly the spot that Onyx Pharmaceuticals (NASDAQ:ONXX) finds itself in. Shares are down some 14% at the moment.

Despite having a drug on the market, Onyx is more analogous to drugless companies like Exelixis (NASDAQ:EXEL) and Seattle Genetics (NASDAQ:SGEN) than to companies like Biogen Idec (NASDAQ:BIIB) and Celgene (NASDAQ:CELG). There's so much potential wrapped up in its cancer drug, Nexavar, that clinical trial results to expand the drug into additional indications will drive the stock price more than the current double-digit sales increases.

For instance, Nexavar was recently shown to lengthen the time it takes for breast tumors to start growing again when used in combination with Roche's Xeloda. Assuming that result holds up in a phase 3 trial, I see a potential to double Nexavar's sales from the current level, where it's approved to treat liver and kidney cancer.

The drug is also in (or will soon be in) phase 3 trials for thyroid and lung cancer and earlier-stage trials for ovarian and colorectal cancers. There's no guarantee for success -- competitor Pfizer (NYSE:PFE) has seen its similar drug, Sutent, fail multiple trials to expand its label -- but it's clear that Onyx's stock price is going to live or die by the trials.

In keeping with its baby-biotech look, Onyx even announced, in conjunction with its earnings release, an offering of stock and convertible senior notes to raise additional cash. Because of regulations, management was hesitant to discuss what it's going to do with the cash, but it seems likely that the one-drug wonder will use it to beef up its barren pipeline.

It's a good move for the long-term health of the company, but it's not likely to change investors' feelings for it.

Everyone has a different cup of tea. Some people love biotechs; some people hate them. It's clear Onyx isn't going to get any love until it gets some positive clinical trial data.

Use the comments box below to let your fellow Fools know what you think about the love situation at Onyx.

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Fool contributor Brian Orelli, Ph.D., doesn't own shares of any company mentioned in this article. Pfizer is an Inside Value pick. The Fool owns shares of Exelixis. The Motley Fool's disclosure policy is contemplating getting rid of its thimble collection.