Pharmacyclics' ibrutinib to become "backbone standard of care": Wells Fargo

Wells Fargo jumps on the Pharmacyclics (PCYC +4.7%) bandwagon, initiating coverage at Outperform with a $155-160 price target.

Analyst Matthew Andrews joins JPMorgan's Cory Kasimov, Deutsche's
Robyn K, William Blair, and Lazard in expressing a profoundly optimistic view on ibrutinib.

"We believe ibrutinib has the potential to be Revlimid-, Rituxan-, or Gleevec-like in its global revenue trajectory and impact in treating various blood cancers, and see it becoming a backbone standard of care," Andrews says, adding that the stock is undervalued despite running up ~130% YTD.

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