Pharmacyclics tumbles after drug misses targets in early trial

Pharmacyclics (PCYC) is retreating after the company reported that one of its drugs had fallen short of targets in a preliminary trial, and announced that a number of its employees would be selling shares soon. Pharmacyclics said that its ibrutinib drug did not produce "defined objective responses" in a small number of multiple myeloma patients who took the drug. However, the progression of the disease did stabilize in several of the patients and "minor responses" were achieved in several of the patients, Pharmacyclics reported. Meanwhile, the company also revealed in today’s quarterly earnings release that it expects a number of employees to exercise options on the company's stock beginning on November 7, and then immediately sell the shares they receive. However, Pharmacyclics added that its CEO, Robert Duggan, does not expect to sell any of his shares soon. In mid-morning trading, Pharmacyclics sank $6.41, or 11.17%, to $50.96.