Wedbush Reiterates an 'Outperform' on Pharmacyclics (PCYC); Expect Ibrutinib to Dominate CLL Treatment

September 7, 2012 10:49 AM EDT Send to a Friend
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Price: $158.55 +1.66%

Rating Summary:
    15 Buy, 10 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 25 | Down: 40 | New: 35
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Wedbush reiterates an 'Outperform' on Pharmacyclics (NASDAQ: PCYC) price target of $93.00 (from $55.00).

Analyst, Gregory R. Wade, said, "We are increasing our price target to $93/share based on ibrutinib’s potential to become the backbone of treatment for chronic lymphocytic leukemia (CLL)...Importantly, the change from an “incidence-based” model for oncology drugs to a “prevalence-based” model is associated with large increases in
market opportunities, as we have seen with Gleevec ($4.7B in 2011 sales in chronic myelogenous leukemia, CML)."

"Furthermore, while we have updated our estimates to reflect the likelihood of longer-term treatment of CLL patients, we note that our model does not include significant numbers (~50% of diagnoses) of "watchful waiting" patients."

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Shares of Pharmacyclics closed at $65.90 yesterday.

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