Roth Boosts PT on Pharmacyclics (PCYC) to $188; Imbruvica Continues to Gain Traction

Roth Capital boosts its price target on Pharmacyclics (Nasdaq: PCYC) from $185 up to $188 and maintains a Buy rating on the stock following nes that global partner Janssen announced the EU approval for Imbruvica.

Analyst Joseph Pantginis commented, As Imbruvica continues to gain significant market traction, we point to today's earlier note as well as recent news of the company engaging in multiple combination studies with both approved and developmental drugs. Much of our internal excitement is based on the upcoming ASH update for TG Therapeutics (TGTX-Buy-Focus Pick) combination of TG-1101 and Imbruvica in CLL patients.

To date, despite small patient numbers (n=10) a ORR of 100% in has been seen and we expect data from >30 patients at ASH. Recall that Imbruvica is approved for treatment in CLL and MCL patients who have received at least one prior therapy and in naive del17p (poor cytogenetics) CLL patients. The FDA also approved a new label for Imbruvica for CLL, which now includes a survival benefit for Imbruvica over ofatumumab. Currently we project 2014 and 2015 Imbruvica revenue of $425 million and $594 million respectively.

For an analyst ratings summary and ratings history on Pharmacyclics click here. For more ratings news on Pharmacyclics click here.

Pharmacyclics closed at $109.14 yesterday.

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