UPDATE: Stifel Nicolaus Initiates Pharmacyclics at Hold; Valuation Full

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.