Pharmacyclics (PCYC) stock soared to an all-time high Wednesday on media reports that the biotech is considering selling itself to a big pharmaceuticals company. Pharmacyclics, whose only marketed product is the Imbruvica blood-cancer drug, has drawn interest from Johnson & Johnson (JNJ) and Novartis (NVS), according to a report from Bloomberg, which cited unidentified sources with “knowledge of the matter.” No representatives from any of those
Biotech Pharmacyclics (PCYC) skyrocketed Tuesday after its preliminary Q4 sales and 2015 guidance beat estimates late Monday. Speaking at the JPMorgan Healthcare Conference in San Francisco, company officials said that fourth-quarter product revenue was around $185 million, up 31% sequentially and $15 million to $20 million above consensus estimates, according to RBC Capital Markets. The firm also took in $100 million in milestone payments from
Biotech Pharmacyclics (PCYC) got a price-target cut from Nomura on Monday, but the investment bank maintained a buy rating on Pharmacyclics stock, saying the company’s competitive position remains strong. Pharmacyclics stock was flat in midday trading on the stock market today, near 118.50. Nomura analyst Ian Somaiya wrote in a research note that after meeting with management, he is raising his forecast for the company’s expenses due to higher