UPDATE: Wedbush Reiterates Outperform, Raises PT to $55 on Pharmacyclics on Ibrutinib Catalyst

Wedbush maintains its Outperform rating on Pharmacyclics

and raises its price target from $40 to $55. Wedbush comments, "Given the unprecedented PFS results we are seeing, we strongly believe ibrutinib will be used broadly for the chronic treatment of CLL in both front-line and relapsed/refractory settings. As data emerges, it is clear to us that duration of response and safety of oral ibrutinib will result in its broad utilization as a single-agent and/or in combo for the treatment of relapsed/refractory and front-line CLL. Given these new expectations for extended duration of therapy, we have updated our estimates for sales of ibrutinib in CLL, and now estimate worldwide sales of up to $2.1 billion 2020, up from $1 billion." PCYC closed at $34.09 on Tuesday.