UPDATE: Morgan Stanley Initiates NPS Pharmaceuticals at Overweight on Portfolio Quality

Morgan Stanley initiated coverage on NPS Pharmaceuticals NPSP with an Overweight rating and a $17 price target Morgan Stanley commented, "NPS has two novel, late stage assets that we believe have key characteristics that to us indicate a high chance of commercial success despite the increasingly difficult reimbursement environment: a) strong efficacy and safety with a good disease impact, b) target diseases with a high unmet need and high acuity, and c) a competitive/unique drug profile. We believe the Street undervalues these novel assets, removing the long term leverage from this focused, orphan model." NPS Pharmaceuticals closed at $9.52 on Wednesday.