Stifel Nicolaus initiated its coverage on Pharmacyclics PCYC with a Hold rating as it believes the company's unprecedented efficacy is already reflected in shares.
Stifel Nicolaus noted, "Pharmacyclics' lead compound, ibrutinib, has demonstrated unprecedented efficacy in Phase 2 testing in CLL, including monotherapy and combination treatment in both treatment naïve and treatment-experienced patients. .. We believe PCYC's valuation reflects high expectations for efficacy and
durability that the drug has not yet demonstrated. As such, we would prefer a better entry point.
Pharmacyclics closed at $64.56 on Thursday.
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