MOR - MorphoSys stock rises after Berenberg starts coverage

MorphoSys (NASDAQ:MOR) stock rose 11.6% after Berenberg began coverage of the company with Buy rating and a PT of €65. Berenberg analyst Xian Deng said shares have been under pressure since last year owing to increased competition in diffuse large B cell lymphoma treatments and now assign almost zero value to the MorphoSys pipeline, which is "unwarranted." The analyst noted that the company is transitioning from an antibody-based biotech into a blood cancer-focused biopharma. The Swissmedic on Tuesday had granted temporary approval for the company's combination therapy Monjuvi (tafasitamab), marketed under the brand name Minjuvi in Europe, the UK and Canada, to treat relapsed or refractory diffuse large B-cell lymphoma. Shares of the company have fallen 67.5% in the last 12 months. Monjuvi recorded $79.1 million in sales for the company in 2021. MorphoSys (MOR) has an average price target of $19.50 with a hold rating on Wall Street currently.

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MorphoSys stock rises after Berenberg starts coverage