Iveric bio downgraded to Equal Weight from Overweight at Morgan Stanley

Morgan Stanley analyst Michael Ulz downgraded Iveric bio (ISEE) to Equal Weight from Overweight with a price target of $40, up from $35, after Astellas Pharma (ALPMY) agreed to acquire Iveric for $40 per share in cash. The firm, which views the deal as "a positive," continues to expect approval of avacincaptad pegol for geographic atrophy, or GA, in Q3, noting that it has a PDUFA date of August 19.