Wedbush Starts Pharmacyclics (PCYC) at Outperform

December 21, 2009 1:02 PM EST
Get Alerts PCYC Hot Sheet
Price: $261.25 --0%

Rating Summary:
    7 Buy, 19 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 18 | Down: 17 | New: 10
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Wedbush initiates coverage on Pharmacyclics (Nasdaq: PCYC) with an Outperform rating and a $5.50 fair value estimate.

The firm feels that "the Street is not fully accounting for PCYC's BTK inhibitor potential in the CLL/SLL setting, let alone for its follow-on opportunity autoimmune/inflammatory diseases, and continued positive data from the ongoing Phase I NHL setting could drive interest in the company and the stock."

Wedbush said it got its $5.50 fair value estimate based on 7x the firm's CY16 sales projection for PCI-32765, discounting back the product 7 years at 30%.

Visit our Analyst Ratings page to see all the analyst action on shares of Pharmacyclics.

Pharmacyclics, Inc. operates as a clinical-stage biopharmaceutical company focusing on developing and commercializing small-molecule drugs for the treatment of immune mediated disease and cancer.

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