Morgan Stanley initiated coverage on Cubist Pharmaceuticals CBST with an Overweight rating and a %68 price target.
Morgan Stanley commented, "We believe the Street is currently undervaluing Cubist's focused approach to hospital based drugs – a strategy that we find attractive based on a) a more complex commercial process which tends to yield less competition, b) a large unmet need which allows volume and pricing power, and c) the potential for a focused, well leveraged commercial infrastructure."
Cubist Pharmaceuticals closed at $48.48 on Wednesday.
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