Morphic (NASDAQ:MORF) Price Target Raised to $32.00

Morphic (NASDAQ:MORF) had its target price upped by BMO Capital Markets from $30.00 to $32.00 in a report published on Tuesday, BenzingaRatingsTable reports. They currently have an outperform rating on the stock.

Several other research firms also recently issued reports on MORF. Cowen reaffirmed a buy rating on shares of Morphic in a research note on Monday. Jefferies Financial Group began coverage on shares of Morphic in a report on Monday, July 22nd. They set a buy rating for the company. Finally, Wells Fargo & Co began coverage on shares of Morphic in a report on Monday, July 22nd. They set an outperform rating for the company.

Morphic stock opened at $21.10 on Tuesday. Morphic has a 12-month low of $15.72 and a 12-month high of $33.50.



Morphic (NASDAQ:MORF) last released its quarterly earnings results on Monday, August 12th. The company reported ($4.73) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.40) by ($4.33). The company had revenue of $5.57 million for the quarter, compared to analysts’ expectations of $8.60 million. Equities research analysts forecast that Morphic will post -1.84 earnings per share for the current year.

In related news, major shareholder Holdings A/S Novo acquired 666,667 shares of the firm’s stock in a transaction on Friday, June 28th. The stock was bought at an average cost of $15.00 per share, with a total value of $10,000,005.00. The acquisition was disclosed in a document filed with the SEC, which is available through this link. Also, Director Timothy A. Springer acquired 33,333 shares of the firm’s stock in a transaction on Monday, July 1st. The shares were bought at an average cost of $15.00 per share, with a total value of $499,995.00. The disclosure for this purchase can be found here. Over the last three months, insiders have acquired 833,333 shares of company stock valued at $12,499,995.

A number of hedge funds have recently made changes to their positions in the business. Pictet Asset Management Ltd. bought a new stake in shares of Morphic in the 2nd quarter worth approximately $4,958,000. Citadel Advisors LLC bought a new stake in shares of Morphic in the 2nd quarter worth approximately $1,614,000. Jefferies Group LLC bought a new stake in shares of Morphic in the 2nd quarter worth approximately $2,478,000. EcoR1 Capital LLC bought a new stake in shares of Morphic in the 2nd quarter worth approximately $44,928,000. Finally, Novo Holdings A S bought a new stake in shares of Morphic in the 2nd quarter worth approximately $52,433,000. 0.03% of the stock is owned by institutional investors.

About Morphic

Morphic Holding, Inc, a biopharmaceutical company, focuses on the discovery and development of oral small-molecule integrin therapeutics. The company's lead product candidates in clinical development are MORF-720, a selective oral avb6 specific integrin inhibitor for the treatment of idiopathic pulmonary fibrosis; and a4b7 specific integrin inhibitors for the treatment of inflammatory bowel disease.

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