Needham & Company Maintains a 'Buy' on Pharmacyclics (PCYC); ASCO Mtg Presentation Shows Continued Robust Btk PCI-32765 Activity in CLL/SLL

Needham & Company maintains a 'Buy' on Pharmacyclics (NASDAQ: PCYC), PT $12.

Needham analyst says, "At an oral presentation yesterday at the 2011 ASCO Meeting, investigator Dr John Bryd presented further data from the ongoing Phase 1b/2 trial of PCI-32765 in r/r CLL/SLL. At the 420 mg QD cohort, an objective response rate (ORR) of 67% was observed in treatment naïve pts (n=21), with additional 19% nodal responses, and an ORR of 48% was observed in relapsed/refractory (r/r) CLL/SLL pts (n=27), with additional 41% nodal responses. Importantly, 22/27 (81%) of the r/r CLL/SLL patients continue to be on study drug for > 6 months without signs of disease progression. The safety profile continues to be benign, with only 3 of 83 pts discontinued the treatment due to AEs."

For more ratings news on Pharmacyclics click here and for the rating history of Pharmacyclics click here.

Shares of Pharmacyclics closed at $7.81 yesterday.

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