MOR - MorphoSys sees red as Deutsche Bank downgrades stock

• MorphoSys ( NASDAQ: MOR ) is down -9.57% as of 1pm ET after Deutsche Bank downgraded the stock from a Hold to Sell.
• The downgrade comes a few days after the biopharmaceutical company lowered its FY22 outlook for cancer drug Monjuvi' U.S. net product sales citing "increased competitive activity".
• The SA quant rating and Wall Street consensus rating of the stock remain at Hold.
• MorphoSys CEO Jean-Paul Kress noted additional treatment options are now available for patients as competitors to Monjuvi for treating relapsed or refractory diffuse large B-cell lymphoma. This led to a sequential decline of Monjuvi sales in Q3, with preliminary net product sales of $22.2M (€21.9M).

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