Wedbush Morgan Reiterates Buy on Sonus

Analyst Vinny Jindal also raised his price target on the shares

Sonus Pharmaceuticals (SNUS ) signed a cancer drug deal with Schering AG (SHR ). Wedbush Morgan reiterated its buy rating on Sonus.

Analyst Vinny Jindal tells S&P MarketScope that considering Schering's global reach, considerable experience in marketing oncology drugs, and the resources it can bring to bear, he views the German pharma as an ideal partner for Sonus. Also, he views the terms of the deal as very favorable for Sonus, and is particularly pleased by the large ownership position Schering has taken in the company. Jindal believes Sonus now has resources to implement expansive development strategy for TOCOSOL paclitaxel that will target other solid tumor cancers, including lung, ovarian, head and neck cancers. He raised his $5 price target to $6.

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