MORF - Morphic picks a new bull at BMO after positive data for inflammatory bowel disease
BMO Capital Markets becomes the latest firm to have a favorable view on Morphic Holding (MORF) after the company’s pre-market announcement of positive interim data for MORF-057 in inflammatory bowel disease.With an overweight rating, the analyst raised the price target to $111.00 from $40.00 per share, implying only ~30.8% to the close after a ~134.7% gain during the day.With the inhibitor of the ?4?7 integrin achieving more than 95% mean ?4?7 receptor occupancy across three highest dose cohorts, the analyst argues that the experimental therapy ‘provides proof-of-mechanism for ?4?7 inhibition.’With safety and efficacy comparable to Entyvio from Takeda, the oral MORF-057 could gain traction over injectable biologics for inflammatory bowel disease, the analyst concludes pointing to an estimated market opportunity of $20B.Earlier, Wells Fargo raised Morphic’s price target to $103.00 per share citing the trial results and the company’s cash runway.However, the stock has dropped ~7.7% in the after-hours following the company’s post-market
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Morphic picks a new bull at BMO after positive data for inflammatory bowel disease