Analyst initiations: Pharmaceutical stocks, RIGL and CELL

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:

Genitope Corporation (NASDAQ: GTOP) was initiated with a Neutral rating at Merriman.
Grubb & Ellis Company (NYSE: GBE) was reinstated with an Outperform rating at William Blair.
Roth Capital started Emcore Corporation (NASDAQ: EMKR) with a Buy rating and $13.80 target.
Morgan Stanley started ING Groep NV (NYSE: ING) with an Equal Weight rating.