UPDATE: Morgan Stanley Reiterates On Amgen, Inc. As Brodalumab Doesn't Need To Be Forgotten

In a report published Wednesday, Morgan Stanley analyst Matthew Harrison reiterated an Overweight rating on Amgen, Inc. (NASDAQ: AMGN), but removed the $143.00 price target.

In the report, Morgan Stanley noted, “Amgen is developing brodalumab together with AstraZeneca. We currently model Amgen recording total sales and paying AstraZeneca out of COGS. The 1st of three PhIII studies has been reported (see our 5/12/14 note). The remaining two head-to-head studies versus J&J's Stelara (AMAGINE-2 & -3) are expected in 4Q14. We expect global filings in 1H15. Key competitors are Novartis (secukinumab) and Lilly (ixekizumab).”

Amgen closed on Tuesday at $139.33.