UPDATE: Wedbush Raises PT on Pharmacyclics on Ibrutinib Bullishness

Wedbush maintained Pharmacyclics

with an Outperform rating and increased the price target from $110.00 to $165.00. Wedbush analyst Gregory Wade commented, "We expect breakthrough designation in MCL to lead to earlier approval of ibrutinib than originally estimated. We also estimate early favorable experiences with ibrutinib in MCL will drive significant off-label use across hematological malignancies as data from those trials reads out. […] We arrive at our new $165 price target by accelerating our ibrutinib launch estimates based upon a potential early approval in MCL leading to H2:14 sales." Pharmacyclics closed at $86.62 on Tuesday.