UPDATE: Morgan Stanley Reiterates Equal-Weight Rating, Removes PT on Pharmacyclics Following VA Contract News

In a report published Thursday, Morgan Stanley analyst Matthew Harrison reiterated an Equal-Weight rating on

, but removed the $101.00 price target. In the report, Morgan Stanley noted, “This morning the Veterans Affairs National Acquisition Center posted a contract on fbo.gov which indicated it could acquire Imbruvica at a fixed price for five years with four one year extensions. The estimated total contract value published was $3.8B. Since this morning the contract (VA797P14R0033) has been removed from the website; we are unsure why it was removed.” Pharmacyclics closed on Wednesday at $127.81.