Morgan Stanley Reiterates Underweight Rating, Does Not Name PT for Theravance
In a report published earlier today, Morgan Stanley reiterated its Underweight rating for Theravance Inc. (NASDAQ: THRX), but did not name a price target.
Morgan Stanley went on to say “Bullish THRX investors have been slowly shifting expectations to LAMA/LABA (LL, Ph 3 data 2H12) in light of 1) Relovair Ph 3 data with a modest delta vs. competitors and 2) ongoing questions around US (and to a lesser degree EU) asthma approval prospects. This migrating focus assumes LL can outgrow possible light Relovair revenue (2017 WW Relovair consensus is $2.7bn).”
Theravance Inc. closed yesterday at $18.70.
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