Morphic (NASDAQ:MORF) Price Target Raised to $37.00

Morphic (NASDAQ:MORF) had its price target raised by BMO Capital Markets from $30.00 to $37.00 in a research note released on Tuesday morning, The Fly reports. They currently have an outperform rating on the stock.

Several other analysts have also issued reports on MORF. Zacks Investment Research upgraded Morphic from a sell rating to a hold rating in a research note on Wednesday, July 8th. BidaskClub upgraded Morphic from a hold rating to a buy rating in a research note on Thursday, July 23rd. Finally, ValuEngine raised Morphic from a hold rating to a buy rating in a research report on Monday, August 3rd. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of Buy and a consensus target price of $27.00.

MORF traded down $3.93 on Tuesday, hitting $26.18. 4,993 shares of the company were exchanged, compared to its average volume of 95,035. Morphic has a 12 month low of $9.90 and a 12 month high of $30.54. The company has a market cap of $872.61 million, a PE ratio of -4.09 and a beta of 0.89. The stock’s fifty day moving average is $25.52 and its 200-day moving average is $19.30.

Morphic (NASDAQ:MORF) last released its earnings results on Monday, August 10th. The company reported ($0.52) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.56) by $0.04. On average, equities research analysts predict that Morphic will post -2.21 earnings per share for the current fiscal year.

In related news, insider Bruce Rogers sold 20,000 shares of the stock in a transaction that occurred on Thursday, May 28th. The stock was sold at an average price of $22.55, for a total transaction of $451,000.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Alexey Lugovskoy sold 4,513 shares of the stock in a transaction that occurred on Wednesday, July 1st. The stock was sold at an average price of $26.54, for a total value of $119,775.02. The disclosure for this sale can be found here. Insiders sold 85,903 shares of company stock worth $1,981,640 in the last ninety days. 39.50% of the stock is owned by company insiders.

A number of large investors have recently modified their holdings of the stock. Bank of Montreal Can grew its position in Morphic by 8,338.5% during the second quarter. Bank of Montreal Can now owns 1,097 shares of the company’s stock worth $28,000 after buying an additional 1,084 shares in the last quarter. Deutsche Bank AG lifted its stake in shares of Morphic by 102.0% in the 1st quarter. Deutsche Bank AG now owns 3,452 shares of the company’s stock valued at $51,000 after acquiring an additional 1,743 shares during the last quarter. American International Group Inc. lifted its stake in shares of Morphic by 32.1% in the 2nd quarter. American International Group Inc. now owns 8,375 shares of the company’s stock valued at $227,000 after acquiring an additional 2,033 shares during the last quarter. Citigroup Inc. lifted its stake in shares of Morphic by 210.4% in the 1st quarter. Citigroup Inc. now owns 3,082 shares of the company’s stock valued at $45,000 after acquiring an additional 2,089 shares during the last quarter. Finally, Bank of America Corp DE raised its position in Morphic by 33.1% during the 2nd quarter. Bank of America Corp DE now owns 9,236 shares of the company’s stock worth $250,000 after purchasing an additional 2,296 shares during the last quarter. 57.30% of the stock is currently owned by institutional investors and hedge funds.

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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