XNPT: MAJOR DEFENSE FROM MORGAN STANLEY - Seems like a big over-reaction. Rating Overweight
Results for 986 P2b in GERD are out this morning, overall the trial failed on efficacy and there were no problems with safety. Harr had nothing in his model for this indication, expectations should have been quite low for 986 in this indication. However, stock is getting hit extremely hard in pre-trading. Seems like a big over-reaction. Rating Overweight.