Wedbush Raises Price Target on Pharmacyclics (PCYC), Adds to 'Best Ideas List'

Wedbush is reaffirming its Outperform rating on shares of Pharmacyclics (NASDAQ: PCYC) while increasing its price target from $17 to $25 and placing the stock on its Best Ideas List.

The firm reports PCYC recently entered a global development and commercialization partnership with Janssen (NYSE: JNJ) over PCI-32765, including a 40%/60% (PCYC/JNJ) costsharing, 50/50 profit-sharing on worldwide sales, and nearly $1 billion in pre-commercialization milestones.

An analyst at Wedbush comments, "We expect the stock to appreciate significantly in the coming 12 months as an impressive global development and pre-commercialization effort unfolds. We expect a US Phase III study in the CLL/SSL setting to be followed by a Phase III in Mantle Cell and over time studies in all of the front line and relapsed/refractory, Mantle Cell Lymphoma, Follicular Lymphoma, DLBCL and Multiple Myeloma settings to position the drug as the next multibillion-dollar hematology blockbuster."

For FY12, the firm is adjusting its EPS estimate from ($0.63) to ($1.40).

For an analyst ratings summary and ratings history on Pharmacyclics click here. For more ratings news on Pharmacyclics click here.

Shares of Pharmacyclics closed at $12.65 yesterday.

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