Roth Capital Maintains Buy On Pharmacyclics Following Waldenstrom’s EMA Submission Acceptance
In a research report sent to investors today, Roth Capital analyst Joseph Pantginis maintained a Buy rating on Pharmacyclics (NASDAQ:PCYC) with a price target of $188, as PCYC and partner Janssen (NYSE:JNJ) announced that the EMA accepted their Type II variation application to include Waldenstrom’s Macroglobulinemia (WM) under the Imbruvica label.
Pantginis said, “We believe that EMA approval is very likely based on the underlying Phase II study and the urgent need for this disease which has no currently approved treatments in the EU. Should Imbruvica be approved for WM, we believe it will contribute to additional revenue growth as will additional potential future label expansions that are currently being pursued in clinical studies by PCYC and JNJ.”
The analyst continued, “We see additional avenues for further expansion of Imbruvica revenues from the multitude of combination studies of Imbruvica with targeted therapies, many of which will be presented at the upcoming ASH conference. Specifically, we anticipate additional updates from the combination of Imbruvica with TG-1101”.
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Joseph Pantginis has a total average return of -2.4% and a 43.6% success rate. Pantginis has a 20.8% average return when recommending PCYC, and is ranked #3123 out of 3388 analysts.