Morphic (NASDAQ:MORF) PT Raised to $57.00

Morphic (NASDAQ:MORF) had its target price raised by investment analysts at Stifel Nicolaus from $30.00 to $57.00 in a research note issued on Monday, Benzinga reports. The firm presently has a “hold” rating on the stock. Stifel Nicolaus’ price objective would suggest a potential upside of 0.83% from the company’s previous close.

A number of other equities research analysts also recently commented on MORF. TD Cowen reaffirmed a “hold” rating on shares of Morphic in a research report on Tuesday, July 9th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $57.00 price objective (down previously from $70.00) on shares of Morphic in a research note on Tuesday, July 9th. Finally, BMO Capital Markets reissued a “market perform” rating and issued a $57.00 target price (up from $52.00) on shares of Morphic in a research report on Tuesday, July 9th. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, Morphic currently has an average rating of “Hold” and an average target price of $54.25.

Morphic Stock Performance

NASDAQ:MORF opened at $56.53 on Monday. Morphic has a 12-month low of $19.34 and a 12-month high of $62.08. The company’s 50-day moving average is $36.41 and its two-hundred day moving average is $33.73.

Morphic (NASDAQ:MORF) last announced its quarterly earnings data on Thursday, April 25th. The company reported ($0.91) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.96) by $0.05. Analysts forecast that Morphic will post -4.07 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Morphic news, General Counsel William Devaul sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $55.79, for a total transaction of $557,900.00. Following the completion of the sale, the general counsel now directly owns 23,029 shares in the company, valued at $1,284,787.91. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, CFO Marc Schegerin sold 43,936 shares of the business’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $55.80, for a total transaction of $2,451,628.80. Following the transaction, the chief financial officer now directly owns 37,907 shares of the company’s stock, valued at approximately $2,115,210.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel William Devaul sold 10,000 shares of Morphic stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $55.79, for a total transaction of $557,900.00. Following the sale, the general counsel now owns 23,029 shares in the company, valued at approximately $1,284,787.91. The disclosure for this sale can be found here. In the last quarter, insiders sold 125,790 shares of company stock valued at $7,018,566. 25.60% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Morphic

A number of large investors have recently added to or reduced their stakes in MORF. LRI Investments LLC purchased a new position in Morphic in the 1st quarter valued at about $35,000. China Universal Asset Management Co. Ltd. grew its stake in Morphic by 364.7% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 5,753 shares of the company’s stock valued at $166,000 after purchasing an additional 4,515 shares in the last quarter. Capstone Investment Advisors LLC acquired a new stake in Morphic during the 1st quarter valued at approximately $223,000. Arizona State Retirement System purchased a new stake in Morphic during the 4th quarter worth approximately $232,000. Finally, DNB Asset Management AS raised its position in shares of Morphic by 9.3% in the 2nd quarter. DNB Asset Management AS now owns 7,202 shares of the company’s stock valued at $245,000 after purchasing an additional 614 shares in the last quarter. 94.25% of the stock is owned by institutional investors and hedge funds.

About Morphic

Morphic Holding, Inc, a biopharmaceutical company, discovers and develops oral small-molecule integrin therapeutics for the treatment of autoimmune, cardiovascular, and metabolic diseases, as well as fibrosis and cancer. Its lead product candidate MORF-057, an a4ß7-specific integrin inhibitor affecting inflammation is in Phase 2 clinical trials for the treatment of inflammatory bowel disease.