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Thursday, Sep 26
Pharmacyclics jumps on ebullient Deutsche Bank initiation
- Shares of Pharmacyclics (PCYC +9.6%) pop after Deutsche Bank's Robyn Karnauskas initiates the company at Buy with a Street-high PT of $170, Notable Calls says.
- Karnauskas believes Ibrutinib consensus expectations of $6.4B are too low, seeing sales of at least $9B on an excellent safety profile that has led patients to stay on the drug longer than previously expected.
- The analyst calls the drug "best in class," with the potential of transforming the treatment of many blood cancers.
- Catalysts in the next 12-24 months include clarity over off-label use and Multiple Myeloma treatment efficacy, which could bring fair value to $285/share.
- Previous: William Blair has high hopes for Pharmacyclics' ibrutinib