UPDATE: Morgan Stanley Lowers InterMune's PT
According to a research report published this morning, Morgan Stanley has lowered InterMune's (NASDAQ: ITMN) PT from $17 to $15.
In the report, Morgan Stanley said, "Esbriet revenue fell short of expectations, likely driven by a) sequentially lower new pt adds and b) a possibly higher than expected drop-out rate (we model 20% annually). While we expect new pt adds to vary somewhat Q to Q, the higher than expected attrition rate could be more of a concern as it could represent a sustained headwind."
Morgan Stanley maintains its Equal-weight rating on InterMune, which is currently trading at $11.95.
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