UPDATE: Morgan Stanley Downgrades TESARO from Overweight to Equalweight, PT Lowered to $30

In a research note published Tuesday morning, Morgan Stanley downgraded TESARO Inc. TSRO from Overweight to Equalweight and lowered there price target from $45 to $30. The firm's David Friedman said, "Ph 3 data for rolapitant fell short of expectations and less potential differentiation vs. MRK's Emend can be seen, as a result of these topline data, a more balanced risk-reward at current levels is appropriate..." The analyst said the price target reduction was attributed to "a less sustainable revenue base post-Emend generics." With under two hours left in the trading session, TESARO shares are down 0.7 percent to $29.32.