Pharmacyclics (NASDAQ:PCYC): Current price $88.00
The firm’s shares were downgraded at Leerink Swann from Outperform to Market Perform, but the research firm increased its price target from $80 to $97 on a recent rally. The analyst said, “Following the shares’ recent rally and the realization of a number of catalysts, we are downgrading PCYC from Outperform to Market Perform. We continue to see ibrutinib as a rare asset in the biotech group with striking activity demonstrated in chronic lymphocytic leukemia and mantle cell lymphoma, but we believe the current valuation has priced in significant sales from the larger indications in diffuse large B-cell lymphoma , follicular lymphoma and multiple myeloma.”
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