UPDATE: Morgan Stanley Reiterates Overweight Rating, Removes PT on Abbvie on Encouraging New Data

In a report published Monday, Morgan Stanley analyst David Risinger reiterated an Overweight rating on

, but removed the $60.00 price target. In the report, Morgan Stanley noted, “Abbvie announced very encouraging new data on cancer candidates at ASCO. Abbvie presented compelling data for ABT-199 (leukemia; 50/50 partnered with Roche) and ABT-414 (brain cancer). We continue to rate ABBV stock Overweight. ABT-199 demonstrated a highly compelling depth of response in CLL. ABT-199's complete response (CR) rate was 23% as a single agent and 36% in combination with Rituxan, which compares favorably to Imbruvica's CR rate of 3% as a single agent and 10% in combo with Rituxan.” Abbvie closed on Friday at $54.33.