UPDATE: Morgan Stanley Reiterates Equal-Weight Rating, Removes PT on Pharmacyclics Following Investor Event

In a report published Tuesday, Morgan Stanley analyst Matthew Harrison reiterated an Equal-Weight rating on

, but removed the $100.00 price target. In the report, Morgan Stanley noted, “Mgt hosted an investor event. Three KOLs from the RESONATE study responded to mgt. posed and moderated Q&A: The panel incl. Dr. John Byrd (one of the first PIs to study Imbruvica), Dr. Jennifer Brown and Dr. Jacqueline Barrientos. On Imbruvica, the panel reiterated their opinion of solid risk/benefit incl. good tolerability. On competition, the panel said late diarrhea with idelalisib can be an issue (which we have heard from other physicians) and seemed unsure of the role for ABT-199. That said, the panel appeared interested in an ABT-199 + Imbruvica combo (with ABT-199 following Imbruvica induction) as well as a randomized discontinuation study of Imbruvica. And on the market, the panel was excited about Imbruvica use in R/R CLL (incl. Richters and 17p), but more cautious on the watch and wait pool (physicians felt randomized data would be needed to change practice patterns).” Pharmacyclics closed on Monday at $88.83.