Sereno initiated with "underweight"

01/04/06 - J.P. Morgan Securities

NEW YORK, January 4 (newratings.com) - Analyst Annie J Cheng of JP Morgan initiates coverage of Sereno (SEO.VX) with an "underweight" rating.

In a research note published this morning, the analyst mentions that the current valuation of Serono's share price reflects the possible acquistion of Serono. A recent physician survey indicates that Rebif may witness marginal market share losses due to Tysabri's return to the market, the analyst says.