Analyst initiations: Pharmaceutical stocks, RIGL and CELL
Posted Oct 24th 2007 11:30AM by Eric Buscemi
Filed under: Analyst Reports, Merck and Co (MRK), Lilly (Eli) (LLY), Analyst Initiations
MOST NOTEWORTHY: Global pharmaceutical stocks, Rigel Pharmaceuticals and Brightpoint were today's noteworthy initiations:
- Bernstein initiated global pharmaceutical stocks with a Cautious view. The firm initiated Merck & Co Inc (NYSE: MRK), Schering Plough Corporation (NYSE: SGP) and Wyeth (NYSE: WYE) with Outperform ratings, as well as Bristol-Myers Squibb Company (NYSE: BMY) and Eli Lilly & Company (NYSE: LLY) with Market Perform ratings.
- CIBC resumed coverage of Rigel Pharmaceuticals Inc (NASDAQ: RIGL) with a Sector Outperformer rating and $16 target. The firm expects near-term upside to be driven by positive phase 2 results of R788 in rheumatoid arthritis, expected in December, and thinks the company's strong scientific platform will support long-term appreciation.
- Bear Stearns started Brightpoint Incorporated (NASDAQ: CELL) with an Outperform rating and $20 target, as they are positive on Brightpoint's merger with Dangaard given the significant synergies and diversification it provides.
OTHER INITIATIONS:
Tags: BMY, Brightpoint, Bristol Myers, BristolMyers, CELL, Eli Lilly, EliLilly, Genitope, GTOP, initiations, LLY, merck, MRK, Pharmaceutical, Rigel Pharmaceuticals, RigelPharmaceuticals, RIGL, Schering Plough, ScheringPlough, SGP, WYE, Wyeth