BTIG Maintains Bullish View On Pharmacyclics On The Back Of Strong Imbruvica 2015 Guidance

In a research report published Tuesday, BTIG analyst Hartaj Singh maintained a Buy rating on Pharmacyclics (NASDAQ :PCYC) with a $225 price target, as the company gave above-consensus guidance for Imbruvica 2015 product sales.

Singh noted, “Our bullish view on Pharmacyclics is based on our belief that the efficacy/safety profile of the drug is unmatched, making it the backbone therapy of choice in blood cancers. We believe that the current 2015 guidance provided by Pharmacyclics is an initial validation of our view; that as clinical trials read-out and label expansion occur there will be acceleration in Imbruvica sales.”

The analyst added, “We are increasing our 2015 sales by 9% to $1.03B and increasing 2015 adjusted EPS by 51% to $1.33/share to reflect the increased guidance by the company. Operating leverage is the ‘second shoe’ to drop for the bull Pharmacyclics story and our 2015 adj. EPS increase is an initial reflection of this. We believe that the Street is underestimating the earnings power of Imbruvica as its sales ramp into more indications.”

According to, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Hartaj Singh has a total average return of 2.2% and a 100.0% success rate. Singh has a 3.1% average return when recommending PCYC, and is ranked #2223 out of 3420 analysts.

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