Biotech Pharmacyclics (PCYC) was seesawing on the stock market today after its Q2 sales beat consensus late Thursday, but the company declined to update its guidance. Pharmacyclics’ sales more than doubled over the year-earlier quarter to $113 million, some $16 million higher than consensus. The loss of 49 cents a share was well below consensus of 22 cents, but analysts don’t attach much significance to that number since it includes stock-based
Nomura analyst Ian Somaiya raised his price targets on Pharmacyclics (PCYC) and Gilead Sciences (GILD) and lowered it on Biogen Idec (BIIB) after a survey of their competing drugs for chronic lymphocytic leukeumia. Somaiya wrote that his survey of 30 doctors treating more than 1,600 CLL patients “highlighted rapid transition of the CLL market to newer oral drugs, in particular PCYC’s Imbruvica,” which was launched by Pharmacyclics and Johnson &
Biotech firm Pharmacyclics (PCYC) jumped 6.5% to a new high on the stock market today, after its Q4 report revealed a strong launch of its cancer drug Imbruvica. Late Thursday, the company said Imbruvica garnered $13.6 million in net sales in the quarter, drawn from just six weeks on the market since it was approved for mantle-cell lymphoma in mid-November. Analysts’ consensus was just $3 million. Nomura analyst Ian Somaiya wrote in a research