UPDATE: Morgan Stanley Reiterates on AbbVie After Competitor's Schizophrenia Drug Fails
In a report published Tuesday, Morgan Stanley analyst David Risinger reiterated an Overweight rating on AbbVie (NYSE: ABBV), but removed the $57.00 price target.
In the report, Morgan Stanley noted, “Targacept's (not covered) cognitive deficits in schizophrenia (CDS) drug, TC-5619, failed. This drug is similar to ABBV's ABT-126, which is being tested in Ph. IIb in both cognition in Alzheimer's and CDS. We have been estimating 20% odds of ABBV success in one of the two indications.”
AbbVie closed on Monday at $53.37.
Latest Ratings for ABBV
|Jun 2016||BMO Capital||Downgrades||Outperform||Market Perform|
|Jun 2016||Morgan Stanley||Downgrades||Overweight||Equal-weight|
|Jun 2016||Cowen & Company||Downgrades||Outperform||Market Perform|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.