Baird Bullish on Pharmacyclics (PCYC) Following ASCO Abstracts

Baird analyst Brian Skorney reiterated an Outperform rating and $173 price target on Pharmacyclics (NASDAQ: PCYC) saying the ASCO abstracts firms up IImbruvica's competitive profile.

Skorney comments, "We believe concerns over the competitive landscape in CLL will be kept in check following last night's ASCO abstract release as we believe competitive regimens looked disappointing compared to ibrutinib. ABT-199, in particular, seems to have a high rate of on-treatment progressions, despite what are characterized as deeper initial responses. We believe further data comparisons at ASCO will clearly favor ibrutinib."

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 $103.37 yesterday.

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