UPDATE: Morgan Stanley Reiterates Overweight Rating, Removes PT on AbbVie After Competitor's Schizophrenia Drug Fails

In a report published Tuesday, Morgan Stanley analyst David Risinger reiterated an Overweight rating on AbbVie ABBV, but removed the $57.00 price target. In the report, Morgan Stanley noted, “Targacept's (not covered) cognitive deficits in schizophrenia (CDS) drug, TC-5619, failed. This drug is similar to ABBV's ABT-126, which is being tested in Ph. IIb in both cognition in Alzheimer's and CDS. We have been estimating 20% odds of ABBV success in one of the two indications.” AbbVie closed on Monday at $53.37.