RBC Sees Positives for Pharmacyclics Amid News of Rejected Offer for Onyx from Amgen

Shares of Pharmacyclics PCYC have rallied about 7 percent Monday following news Onyx Pharma ONXX rejected a $120/share cash bid from Amgen AMGN. RBC Capital's Michael Yee called Pharmacyclics the most attractive target following the Onyx news. The analyst cited the upcoming expected approval in relapsed and/or refractory mantle cell lymphoma, solid pivotal data and a positive outcome for its chronic lymphocytic leukemia candidate. Yee maintains an Outperform rating and a$100 price target on shares of Pharmacyclics.