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Adams Harkness Cuts Pharmacyclics to Market Perform

Adams Harkness downgrades Pharmacyclics (PCYC) to market perform from buy after the company says that two primary endpoints for Xcytrin injection, its lead drug in testing, were not met.

Analyst Felicia Reed says the company reported negative Phase III trial data for Xcytrin, a radiation sensitizer, in patients with brain metastases. She says that the median survival in patients who received Xcytrin plus radiation was 5.2 mos, not statistically very different from 4.9 months survival of patients who only received radiation. With viability of the drug in question, there's little in the company's pipeline to fuel near-term enthusiasm. Reed thinks shares will hover around the $8 level that she expects will be reached today.

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