UPDATE: Dawson James Initiates Pharmacyclics at Market Outperform on Ibrutinib Confidence

Dawson James initiated coverage on Pharmacyclics

with a Market Outperform rating and a $101 price target. Dawson James commented, "Ibrutinib – a novel Btk inhibitor - represents the most exciting compound in the field of the multi-billion dollar market for B-cell related malignancies. Ibrutinib is, by far, the leader in this therapeutic category, easily has blockbuster potential and, based upon our analysis, is likely to elevate PCYC valuation to the very top-tier of biotech stocks. We believe the upcoming American Society Hematology meeting (ASH, December 7-12, Atlanta, GA) will further differentiate ibrutinib from any potential competitors." Pharmacyclics closed at $55.01 on Thursday.