MOR - German biotech MorphoSys falls 10% after twin downgrades in Europe

• The American Depository Receipts of MorphoSys AG ( NASDAQ: MOR ) dropped ~10% on Monday as both Deutsche Bank and Kempen downgraded the German biotech following weak sales data for the company’s cancer therapy Monjuvi.
• MorphoSys ( MOR ) has partnered with U.S. biotech Incyte ( INCY ) to sell Monjuvi, indicated in the U.S., to treat certain types of diffuse large B-cell lymphoma.
• The downgrades follow MorphoSys’ ( MOR ) decision on Friday to lower the 2022 guidance for Monjuvi, which the Dutch merchant bank Kempen said is a “commercial flop.”
• In addition to downgrading MOR to Sell from Hold, Deutsche Bank has set the price target on the stock at €18 per share. MorphoSys ( MOR ) has three Hold ratings and only one Buy rating currently on Wall Street.
• Read: Seeking Alpha contributor Avisol Capital Partners recently attributed the underperformance of MorphoSys ( MOR ) shares to the disappointing Monjuvi sales and the company’s 2021 acquisition of Constellation Pharma .

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