MORF - Morphic secures $245M via equity raise

Morphic (MORF) has priced its upsized public offering of 3.5M common shares at $70.00/share, for expected gross proceeds of ~$245M (from $200M).Underwriters' over-allotment is an additional 525K shares. Net proceeds will be used to fund research, clinical and process development and manufacturing of Morphic’s product candidates, for working capital and other general corporate purposes.Closing date is March 5.MORF shares have rallied ~146% over the past five days, mostly since March 1 after the company announced "positive" MORF-057 data in inflammatory bowel disease.Following positive data, Wells Fargo raised MORF price target to $103.00 from $40.00 and reiterated overweight rating.BMO Capital Markets also raised the price target to $111.00 from $40.00.Shares up 4% premarket.Previously (March 1): Morphic Therapeutic proposes $200M capital raise

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Morphic secures $245M via equity raise