UPDATE: Roth Capital Cuts Pharmacyclics (PCYC) to Neutral; Sees FY15 Guidance, Market Expectations Priced into Shares

(Updated - February 19, 2015 8:59 AM EST)

Roth Capital cuts Pharmacyclics (Nasdaq: PCYC) from Buy to Neutral and moves its price target from $189 to $187 following FY14 results reported on Wednesday night.

After markets close, Pharmacyclics posted Q4 EPS of $0.96 on revs of $290 million, versus analyst estimates calling for EPS of $0.76 and revs of $267.5 million.

Analyst Josphn Pantginis said, We are impressed with PCYC's achievements during 2014, from both regulatory and financial aspects. We believe that Imbruvica is making waves throughout the hematologic malignancy community and see further room for prescription growth with additional potential label expansions. However, we believe that the current success and 2015 guidance for ~$1 billion in revenue has been priced into the stock. We look to reassess our valuation ahead of the multiple anticipated data catalysts in 2H15 described below. Management announced that its goal is to add a minimum of one to two new labels per year. Given its track record in regulatory approvals during 2014 and the continued flood of positive and promising data from its various studies, we believe this goal is achievable.

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

Pharmacyclics closed at $170.21 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Citi Upgrades United Microelectronics Corp (2303:TT) (UMC) to Buy 'with limited downside'
• Lockheed Martin (LMT) PT Raised to $487 at Deutsche Bank
• TE Connectivity (TEL) PT Raised to $150 at Stifel