MOR - MorphoSys slips as Deutsche Bank and Citi cut price targets

The ADRs of MorphoSys (MOR -9.7%) have recorded the biggest intraday loss since June Tuesday after both Deutsche Bank and Citi slashed their price targets on the German commercial-stage biopharmaceutical company. Arguing that the launch of the company’s lymphoma therapy, Monjuvi, “remains slow but not so steady,” Deutsche Bank has trimmed the price target to €30 from €45 with a Hold rating on the stock. Seeing no key data readouts until two-to-three years, Citi expects little to change the market sentiment on MorphoSys (NASDAQ:MOR) in the near term. The firm with a Neutral rating on the stock has cut the price target to €31. With a Hold rating, MorphoSys (MOR) has an average price target of $19.50 on Wall Street currently. Monjuvi netted $79.1 million in sales for the company in 2021, which was its first full year of launch in the U.S.

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MorphoSys slips as Deutsche Bank and Citi cut price targets