UPDATE: Credit Suisse Initiates Pharmacyclics at Outperform on Pure Play Potential
Credit Suisse initiated coverage on Pharmacyclics, Inc. (NASDAQ: PCYC) with an Outperform rating and a $79.00 price target.
Credit Suisse noted, "We believe that PCYC is the most derisked and investible pure play in the emerging oral lymphoma/leukemia drug class with blockbuster potential. The biggest remaining question is how large the could market be. We believe that experience with Revlimid and Gleevec provide strong evidence that worldwide markets likely exceed $5B, and ibrutinib is positioned to be both first-in-class and best-in-class in key market segments."
Pharmacyclics closed at $65.15 on Monday.
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