Market Overview

UPDATE: J.P. Morgan Initiates Coverage on Pharmacyclics on Ibrutinib Potential


In a report published Thursday, J.P. Morgan analyst Cory Kasimov initiated coverage on Pharmacyclics (NASDAQ: PCYC) with an Overweight rating and $142.00 price target.

In the report, J.P. Morgan noted, “We are initiating coverage of Pharmacyclics with an Overweight rating based on the potential of ibrutinib (50/50 partnership with JNJ), its first-in-class, oral therapy for the treatment of B Cell malignancies. Bottom line, we think investors are attracted to truly great drugs, and ibrutinib has all the makings of one. PCYC certainly isn't cheap (+106% YTD), but we suspect investor appetite will persist based on the drug's multibillion-dollar sales potential. On the regulatory front, we believe ibrutinib is largely de-risked given its highly promising safety/efficacy profile and multiple Breakthrough Therapy designations; we expect approval by year end. We also don't see a lot of launch risk here, as our doc checks indicate widespread enthusiasm. Longer term, duration of use will be a key lever for upside, along with new indications and combination regimens that further improve on ibrutinib's already impressive efficacy. Much like Gleevec in CML, we see ibrutinib as a game-changer, and think the share price will continue to reflect that.”

Pharmacyclics closed on Wednesday at $118.98.

Latest Ratings for PCYC

Mar 2015DowngradesOutperformMarket Perform
Mar 2015DowngradesBuyNeutral
Mar 2015DowngradesOutperformMarket Perform

View More Analyst Ratings for PCYC
View the Latest Analyst Ratings

Posted-In: Cory Kasimov J.P. MorganAnalyst Color Initiation Analyst Ratings


Related Articles (PCYC)

View Comments and Join the Discussion!

Latest Ratings

HGoldman SachsUpgrades91.0
VNOMJP MorganInitiates Coverage On34.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Trading Daily
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at

UPDATE: Jefferies Initiates Coverage on USG Corporation on Positive Outlook

UPDATE: Morgan Stanley Downgrades HomeAway on Balanced Risk/Reward, Tempered Volume Growth