Investment analysts at Wedbush upped their target price on shares of Pharmacyclics (NASDAQ: PCYC) to $55.00 in a note issued to investors on Wednesday. The firm currently has an “outperform” rating on the stock.
The analysts wrote, “Given the unprecedented PFS results we are seeing, we strongly believe ibrutinib will be used broadly for the chronic treatment of CLL in both front-line and relapsed/refractory settings. As data emerges, it is clear to us that duration of response and safety of oral ibrutinib will result in its broad utilization as a single-agent and/or in combo for the treatment of relapsed/refractory and front-line CLL. Given these new expectations for extended duration of therapy, we have updated our estimates for sales of ibrutinib in CLL, and now estimate worldwide sales of up to $2.1 billion 2020, up from $1 billion.”
Shares of Pharmacyclics traded up 0.29% during mid-day trading on Wednesday, hitting $34.19. Pharmacyclics has a one year low of $7.63 and a one year high of $34.17. The company has a market cap of $2.361 billion and a P/E ratio of 130.61.
Pharmacyclics last issued its quarterly earnings data on Thursday, May 10th. The company reported ($0.14) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.20) by $0.06. Pharmacyclics’s revenue was down 6.3% compared to the same quarter last year. On average, analysts predict that Pharmacyclics will post $0.05 earnings per share next quarter.
A number of other firms have also recently commented on PCYC. Analysts at Needham & Company reiterated a “buy” rating on shares of Pharmacyclics in a research note to investors on Tuesday. Finally, analysts at Rodman & Renshaw raised their price target on shares of Pharmacyclics from $22.00 to $40.00 in a research note to investors on Thursday, May 17th. They now have an “outperform” rating on the stock.
Pharmacyclics, Inc. is a clinical-stage biopharmaceutical company focused on developing and commercializing small-molecule drugs for the treatment of cancer and immune mediated diseases.