Wedbush Increases Pharmacyclics PT, Reiterates Outperform, Adds To "Best Ideas"

Wedbush increased its Pharmacyclics

price target from $17 to $25, reiterated its Pharmacyclics Outperform rating, and added the company to its "Best Ideas" listing in a research report published today. In the report, Wedbush states, "Based upon PCI-32765's monotherapy clinical activity, the financial position of the company and the assistance and global reach of JNJ, we conclude that much of the risk in PCI-32765 has been wrung out, and it is now all about execution. We expect the stock to appreciate significantly in the coming 12 months as an impressive global development and pre-commercialization effort unfolds." Shares of Pharmacyclics were trading at $13.29 at the time of posting, up 5.30% from Monday's market close.