MONSEY, N.Y., July 08, 2024 (GLOBE NEWSWIRE) -- The law firm of Wohl & Fruchter LLP is investigating the fairness of the proposed sale of Morphic Holding, Inc. (Nasdaq: MORF) (“Morphic”) to Eli Lilly and Company (“Eli Lilly”) for $57.00 per share in cash in a tender offer. The sales price is below the price target for Morphic of at least five Wall Street analysts (source: TipRanks).
If you remain a Morphic shareholder and question the fairness of the price, you may contact our firm at the following link to discuss your legal rights at no charge:
https://wohlfruchter.com/cases/morphic-holding/
Alternatively, you may contact us by phone at 866-833-6245, or via email at alerts@wohlfruchter.com .
Why is there an investigation?
On July 8, 2024, Morphic announced that it had agreed to be sold to Eli Lilly for $57.00 per share in cash in a tender offer.
Notably, according to TipRanks, the sales price of $57.00 per share is below the price target for Morphic of at least five Wall Street analysts:
- Gregory Renza of RBC Capital ($70.00 per share)
- Edward Nash of Canaccord Genuity ($66.00 per share)
- Derek Archila of Wells Fargo ($64.00 per share)
- Thomas Smith of Leerink Partners ($60.00 per share)
- Michael Yee of Jefferies ($60.00 per share)
The sales price is also below Morphic’s 52-week high of $62.08 per share, which indicates that the purchase may be opportunistic after a sharp drop in September 2023.
“We are investigating whether the Morphic Board of Directors acted in the best interests of Morphic shareholders in approving the sale,” explained Joshua Fruchter, a founding partner of Wohl & Fruchter. “This includes whether the price agreed upon is fair to Morphic shareholders, as well as whether all material information regarding the transaction has been fully disclosed.”
About Wohl & Fruchter
Wohl & Fruchter LLP has for over a decade been representing investors in litigation arising from fraud and other corporate misconduct, and recovered hundreds of millions of dollars in damages for investors. Please visit our website, www.wohlfruchter.com , to learn more about our Firm, or contact one of our partners.
Contact:
Wohl & Fruchter LLP
Joshua E. Fruchter
Toll Free 866.833.6245
alerts@wohlfruchter.com
www.wohlfruchter.com