Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Markets & Finance

Morgan Stanley Upgrades Protein Design to 'Overweight'


Morgan Stanley upgraded Protein Design (PDLI) to overweight from underweight.

The biotech company doesn't plan additonal development of Zenapax as a therapy for psoriasis, as the as drug did not meet its primary endpoint. Analyst Ian Somaiya says the primary endpoint was the prolongation of time to the recurrence of psoriasis. He says the news confirms his concerns highlighted in his initiation on Mar. 11.

He believes the confirmation of the trial's failure removes a dark cloud which has lingered over the stock for the past month, creating an attractive entry point into Protein Design. With the bad news behind the company, Somaiya expects a strong calendar of news flow to support share price appreciation. He has a $25 target.


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus