Matthew Harrison, Morgan Stanley's analyst who initiated coverage today on IMGN with an underweight rating, happens to be the perma bear on IMGN. He is the same analyst who had the longtime sell rating at UBS. He has simply changed firms and reissued his longstanding analysis. Recall that when he left UBS and coverage was transferred there to a new analyst, UBS raised their rating from sell to neutral and their price target from $8 to $13. Harrison is initiating coverage at Morgan Stanley now with the exact same analysis he had at UBS. His price target happens to be $2 higher than it was at UBS. Hard to believe his recycled analysis is hitting the stock so hard.