Roth Capital Bumps PT on Pharmacyclics (PCYC) to $189 Following Expanded IMBRUVICA Indication
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Roth Capital boosts its price target on Pharmacyclics (Nasdaq: PCYC) from $188 to $189 and maintains a Buy rating after the company announced that the U.S. Food and Drug Administration (FDA) has granted single-agent IMBRUVICA (ibrutinib) regular (full) approval in all lines of therapy as the first and only treatment for patients with Waldenstrom's macroglobulinemia (WM), a rare, indolent type of B-cell lymphoma.1 This is the fourth indication for IMBRUVICA, an oral therapy, which received FDA Breakthrough Therapy Designation for this indication in February 2013.
Analyst Joseph Pantginis commented, While WM is a small indication (incidence of ~1,500 patients in U.S. per year), we believe this continues to talk to the strength of the Imbruvica franchise. Recall recently that the company provided 2015 revenue guidance of ~$1 billion (our estimate is $987 million).
For an analyst ratings summary and ratings history on Pharmacyclics click here. For more ratings news on Pharmacyclics click here.
Pharmacyclics closed at $165.41 yesterday.
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