Wedbush Raises Price Target and Cuts Estimates on Pharmacyclics (PCYC), PCI-32765 in DLBCL Moves Into Focus
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Price: $261.25 --0%
Rating Summary:
5 Buy, 17 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
5 Buy, 17 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Wedbush is maintaining its Outperform rating on shares of Pharmacyclics (NASDAQ: PCYC) and is raising its price target from $16 to $17.
The firm reports that response data from the longest running Phase Ia study of PCI-32765 in patients with CLL/SLL and NHL shows a 62% overall response rate, including complete responses. It also notes that it is focused on upcoming PCI-32765 data in the DLBCL ABC subtype.
In the Phase Ib/II trial in CLL/SLL PCI-32765 continues to be well tolerated with only 3/83 patients discontinuing treatment due to AE’s.
To date, a combination of over 220 patients have participated in the six trials. Wedbush comments, "It was also noted several times at ASCO that PCI-32765 specifically left patients “feeling good” on therapy, which is not typical for treatments of the disease and, in our opinion, will make it easier for physicians to add patients to the trials."
The next catalyst for the company will be the presentation of more mature clinical data for PCI-32765 at the American Society for Hematology on December 13, 2011 in San Diego, CA.
The firm is lowering its 2011 and 2012 EPS estimates from ($0.42) and ($0.46) to ($0.54) and ($0.67), but states that if the company does decide to file for accelerated approval in the DLBCL setting, it forecasts an additional $2-$4 to its price target.
For more ratings news on Pharmacyclics click here and for the rating history of Pharmacyclics click here.
Shares of Pharmacyclics closed at $7.95 yesterday.
The firm reports that response data from the longest running Phase Ia study of PCI-32765 in patients with CLL/SLL and NHL shows a 62% overall response rate, including complete responses. It also notes that it is focused on upcoming PCI-32765 data in the DLBCL ABC subtype.
In the Phase Ib/II trial in CLL/SLL PCI-32765 continues to be well tolerated with only 3/83 patients discontinuing treatment due to AE’s.
To date, a combination of over 220 patients have participated in the six trials. Wedbush comments, "It was also noted several times at ASCO that PCI-32765 specifically left patients “feeling good” on therapy, which is not typical for treatments of the disease and, in our opinion, will make it easier for physicians to add patients to the trials."
The next catalyst for the company will be the presentation of more mature clinical data for PCI-32765 at the American Society for Hematology on December 13, 2011 in San Diego, CA.
The firm is lowering its 2011 and 2012 EPS estimates from ($0.42) and ($0.46) to ($0.54) and ($0.67), but states that if the company does decide to file for accelerated approval in the DLBCL setting, it forecasts an additional $2-$4 to its price target.
For more ratings news on Pharmacyclics click here and for the rating history of Pharmacyclics click here.
Shares of Pharmacyclics closed at $7.95 yesterday.
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