Like many of its Wall Street peers, the brutal sell-off in the biotechnology space has Morgan Stanley taking a closer look at the top names. The firm initiated coverage of the industry with a more cautious take than some other firms it would appear. Of the six names that the firm began coverage on, only two are Overweight rated, with four at Equal Weight. This does give the firm some leeway if the stocks continue their downward price spiral, as they can raise the Equal Weight names to Overweight if the analysts feel valuations become more in line.

Here are the six biotech names that Morgan Stanley initiated coverage on.

Amgen Inc. (NASDAQ: AMGN) is one of the top blue chip names in the biotech world. Amgen has grown to be the world’s largest independent biotechnology company, has reached millions of patients around the world and is developing a pipeline of medicines with breakaway potential. The company trades at a low 15.2 times forward earnings. The stock is started at Overweight at Morgan Stanley. Investors are paid a 2% dividend. The Thomson/First Call price target for the biotech giant is $131.68. The stock closed Wednesday at $120.11 a share.

Biogen Idec Inc. (NASDAQ: BIIB) was a biotech leader that got crushed recently. Morgan Stanley starts off the stock with an Overweight rating. The company is trading at just 20 times 2015 earnings, and many think that the stock is not overvalued. The consensus price figure for the stock is $345.52. Biogen closed Wednesday at $305.93, down a staggering 15% since the sell-off began.

Celgene Corp. (NASDAQ: CELG), the maker of the cancer drug Revlimid, recently won U.S. approval for a pill to treat psoriatic arthritis that may challenge injections that are among the best-selling drugs on the market. Morgan Stanley starts the stock at Equal Weight. The consensus price target is $191.20. Celgene closed Wednesday down almost another 2% to $142.61.

Gilead Sciences Inc. (NASDAQ: GILD) was the focus of the price inquiry that got the selling started. The company has defended its pricing, and said that Sovaldi represents a major advance over existing treatments for hepatitis C. The company has also said the new therapy can avoid the long-term medical expenses related to liver failure, cancer and transplants. Morgan Stanley started coverage with an Equal Weight rating. The consensus price target is $100.21. The stock closed Wednesday at $72.78.

Pharmacyclics Inc. (NASDAQ: PCYC) operates as a clinical-stage biopharmaceutical company focusing on developing and commercializing small molecule drugs for cancer treatment. The stock is started at Equal Weight at Morgan Stanley, and it may be in part because there has a substantial amount of insider selling recently. The consensus price target is posted at $167.40. The stock closed Wednesday at $108.95.

Regeneron Pharmaceuticals Inc. (NASDAQ: REGN) has treatments for everything from macular degeneration to colorectal cancer, and the company continues to exploit an extraordinary pipeline. It is viewed by many on Wall Street as a leading candidate to be one the next generation of biotech large cap leaders. Morgan Stanley starts off the stock with an Equal Weight rating. The consensus price target is $347.21, and Regeneron closed Wednesday at $308.43.

It is too early to tell if the selling of the top biotech stocks is over. They have had a four-year run of outperformance, and many are saying the new bubble is here. The cautious approach at Morgan Stanley represents a smart move. If the selling continues, and valuations get even cheaper, you may see the firm moving more of the stocks up to an Overweight rating.

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