Pharmacyclics upgraded to Buy from Hold at WallachBeth WallachBeth upgraded Pharmacyclics to Buy on expectations Imbruvica sales momentum can continue in the second half of 2014. The firm has a $160 price target for shares.
FDA expands use of Imbruvica to rare form of cancer The FDA expanded the approved use of Imbruvica for previously treated patients with Waldenström’s macroglobulinemia, a rare form of cancer that begins in the body’s immune system. The drug received a breakthrough therapy designation for this use. The product's new use is being approved more than two months ahead of its prescription drug user fee goal date of April 17, the date the FDA was scheduled to complete review of the drug application. Imbruvica is co-marketed by Pharmacyclics (PCYC) and Johnson & Johnson's (JNJ) Janssen Biotech unit.