Needham & Company Reiterates a 'Buy' on Pharmacyclics (PCYC); 2012 Preview - PCI-32765 Transitioning to Phase 3

Needham & Company reiterates a 'Buy' on Pharmacyclics (NASDAQ: PCYC) price target of $18.00.

Needham analyst says, "PCYC is expected to initiate two Phase 3 trials of its Btk inhibitor PCI-32765 by mid-2012, one each in r/r Mantle Cell Lymphoma (MCL) and r/r Chronic Lymphocytic Leukemia (CLL). The company presented impressive Phase 2 safety and efficacy data in these indications at the ASH meeting in December. 2011. We believe the compound has broad potential in Bcell cancers and await an update from the company and new collaborator J&J (NYSE: JNJ) around comprehensive development, regulatory, and commercial strategy by mid-2012."

"Although not finalized because discussions are ongoing with the FDA, we believe the first two Phase 3 PCI-32765 trials will evaluate the compound as a single agent with the intent of establishing superiority over comparator."

For an analyst ratings summary and ratings history on Pharmacyclics click here. For more ratings news on Pharmacyclics click here.

Shares of Pharmacyclics closed at $15.02 yesterday.

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