Shares of Pharmacyclics (NASDAQ: PCYC) have rallied about 7 percent Monday following news Onyx Pharma (NASDAQ: ONXX) rejected a $120/share cash bid from Amgen (NASDAQ: AMGN).
RBC Capital’s Michael Yee called Pharmacyclics the most attractive target following the Onyx news. The analyst cited the upcoming expected approval in relapsed and/or refractory mantle cell lymphoma, solid pivotal data and a positive outcome for its chronic lymphocytic leukemia candidate.
Yee maintains an Outperform rating and a$100 price target on shares of Pharmacyclics.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved. Posted in: Analyst Color, News, M&A, Analyst Ratings