Morphic (NASDAQ:MORF) Earns Outperform Rating from Analysts at Royal Bank of Canada

Royal Bank of Canada started coverage on shares of Morphic (NASDAQ:MORF) in a research note released on Monday morning, The Fly reports. The brokerage issued an outperform rating and a $35.00 target price on the stock.

A number of other brokerages have also recently issued reports on MORF. BMO Capital Markets reissued a buy rating and issued a $37.00 price objective on shares of Morphic in a research note on Wednesday, August 26th. Zacks Investment Research lowered shares of Morphic from a buy rating to a hold rating in a research report on Thursday, October 1st. BidaskClub upgraded shares of Morphic from a hold rating to a buy rating in a research report on Thursday, July 23rd. Finally, ValuEngine upgraded shares of Morphic from a hold rating to a buy rating in a research report on Monday, August 3rd. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Morphic presently has an average rating of Buy and a consensus price target of $34.00.

Shares of MORF opened at $25.97 on Monday. Morphic has a 12 month low of $9.90 and a 12 month high of $31.00. The firm’s 50 day moving average is $26.95 and its 200-day moving average is $23.46. The stock has a market capitalization of $796.19 million, a PE ratio of -12.79 and a beta of 0.95.

Morphic (NASDAQ:MORF) last announced its quarterly earnings data on Monday, August 10th. The company reported ($0.52) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.04. The firm had revenue of $7.69 million during the quarter, compared to the consensus estimate of $5.60 million. As a group, sell-side analysts forecast that Morphic will post -1.72 EPS for the current year.

In other Morphic news, insider Alexey Lugovskoy sold 1,627 shares of Morphic stock in a transaction on Thursday, October 1st. The shares were sold at an average price of $27.60, for a total value of $44,905.20. Following the completion of the sale, the insider now directly owns 103,621 shares of the company’s stock, valued at $2,859,939.60. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, General Counsel William Devaul sold 2,305 shares of Morphic stock in a transaction on Friday, August 14th. The shares were sold at an average price of $30.24, for a total transaction of $69,703.20. Following the completion of the sale, the general counsel now directly owns 3,604 shares of the company’s stock, valued at $108,984.96. The disclosure for this sale can be found here. In the last 90 days, insiders sold 34,492 shares of company stock worth $939,428. 39.50% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Bank of Montreal Can increased its stake in Morphic by 8,338.5% in the second quarter. Bank of Montreal Can now owns 1,097 shares of the company’s stock valued at $28,000 after purchasing an additional 1,084 shares in the last quarter. Deutsche Bank AG increased its stake in Morphic by 102.0% in the first quarter. Deutsche Bank AG now owns 3,452 shares of the company’s stock valued at $51,000 after purchasing an additional 1,743 shares in the last quarter. American International Group Inc. increased its stake in Morphic by 32.1% in the second quarter. American International Group Inc. now owns 8,375 shares of the company’s stock valued at $227,000 after purchasing an additional 2,033 shares in the last quarter. Bank of America Corp DE increased its stake in Morphic by 33.1% in the second quarter. Bank of America Corp DE now owns 9,236 shares of the company’s stock valued at $250,000 after purchasing an additional 2,296 shares in the last quarter. Finally, BNP Paribas Arbitrage SA increased its stake in Morphic by 326.3% in the first quarter. BNP Paribas Arbitrage SA now owns 3,440 shares of the company’s stock valued at $50,000 after purchasing an additional 2,633 shares in the last quarter. 60.84% of the stock is owned by hedge funds and other 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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