UPDATE: Morgan Stanley Reiterates Overweight Rating, Raises PT on NanoString Technologies Inc. on Increased Visibility

In a report published Tuesday, Morgan Stanley analyst Steve Beuchaw reiterated an Overweight rating on NanoString Technologies Inc. NSTG, and raised the price target from $16.00 to $17.00. In the report, Morgan Stanley noted, "The company's success in the biopharma space remains underappreciated, with placements at over half of mid/large pharma companies.The ~50 instruments in biopharma are driving +50% of consumables sales, implying +$250K annual consumable pull through per instrument and illustrating upside potential. The absence of further pharma collaboration revenue in '15 guidance is a driver of conservatism, worth 5% upside risk to revenues; NSTG notes ongoing interest from biopharma companies in CDx collaborations which would support sales and cash flow (note CELG cash flows $14mn in '14-'15)." NanoString Technologies Inc. closed on Monday at $11.27.