UPDATE: Morgan Stanley Initiates Cubist Pharmaceuticals at Overweight on Strategic Positioning

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Morgan Stanley initiated coverage on Cubist Pharmaceuticals (NASDAQ: CBST) with an Overweight rating and a %68 price target. Morgan Stanley commented, "We believe the Street is currently undervaluing Cubist's focused approach to hospital based drugs – a strategy that we find attractive based on a) a more complex commercial process which tends to yield less competition, b) a large unmet need which allows volume and pricing power, and c) the potential for a focused, well leveraged commercial infrastructure."Cubist Pharmaceuticals closed at $48.48 on Wednesday.

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