UPDATE: Morgan Stanley Lowers PT from $26 to $18 on Auxilium Pharmaceuticals

Morgan Stanley has published a report on Auxilium Pharmaceuticals

lowering the price target from $26.00 to $18.00. In the report, Morgan Stanley wrote, " We originally saw an inflection for Xiaflex with broader physician acceptance. The June injection metrics continue to show slowing physician growth, with only ~4% of target docs earmarked as high vol. users (11+ inj) to date vs. 3% in March 2011. We still see a ~20% high vol. critical mass as a potential tipping point, but have less conviction on when we will get there." Morgan Stanley rated Auxilium Pharmaceuticals an Equal-weight with a price target reduced from $26.00 to $18.00. Auxilium closed Monday at $17.49.