Morphic (NASDAQ:MORF) Shares Gap Up to $27.69

Morphic Holding, Inc. (NASDAQ:MORFGet Rating) shares gapped up prior to trading on Wednesday . The stock had previously closed at $27.69, but opened at $28.42. Morphic shares last traded at $27.91, with a volume of 128 shares trading hands.

Analysts Set New Price Targets

Several equities analysts recently issued reports on MORF shares. Royal Bank of Canada decreased their price objective on Morphic from $76.00 to $70.00 and set an “outperform” rating for the company in a research report on Thursday, August 4th. BMO Capital Markets restated a “buy” rating and issued a $83.00 target price on shares of Morphic in a research note on Friday, August 5th. Stifel Nicolaus initiated coverage on Morphic in a research note on Tuesday. They issued a “buy” rating and a $44.00 target price on the stock. SVB Leerink initiated coverage on Morphic in a research note on Wednesday, July 20th. They issued an “outperform” rating and a $45.00 target price on the stock. Finally, Wells Fargo & Company cut their target price on Morphic from $79.00 to $77.00 and set an “overweight” rating on the stock in a research note on Thursday, August 4th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat, Morphic presently has a consensus rating of “Buy” and an average target price of $64.43.

Morphic Trading Up 3.2 %

The company has a market cap of $1.16 billion, a P/E ratio of -21.01 and a beta of 1.46. The business has a 50 day moving average price of $27.72 and a 200-day moving average price of $30.39.

Institutional Investors Weigh In On Morphic

A number of institutional investors and hedge funds have recently made changes to their positions in MORF. Northern Trust Corp raised its stake in shares of Morphic by 1.2% during the 4th quarter. Northern Trust Corp now owns 229,714 shares of the company’s stock worth $10,884,000 after purchasing an additional 2,802 shares in the last quarter. ProShare Advisors LLC acquired a new position in shares of Morphic during the 4th quarter worth approximately $466,000. First Trust Advisors LP acquired a new position in shares of Morphic during the 4th quarter worth approximately $2,245,000. Bank of America Corp DE increased its holdings in shares of Morphic by 182.2% during the 4th quarter. Bank of America Corp DE now owns 58,702 shares of the company’s stock worth $2,782,000 after acquiring an additional 37,900 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Morphic by 30.1% during the 4th quarter. Dimensional Fund Advisors LP now owns 307,640 shares of the company’s stock worth $14,576,000 after acquiring an additional 71,138 shares during the last quarter. Institutional investors own 81.64% of the company’s stock.

Morphic Company Profile

(Get Rating)

Morphic Holding, Inc, a biopharmaceutical company, discovers and develops oral small-molecule integrin therapeutics for the treatment of autoimmune, cardiovascular, metabolic diseases, as well as fibrosis and cancer. Its lead product candidates are MORF-057, an a4ß7-specific integrin inhibitor affecting inflammation that is in Phase 1 clinical trial for the treatment of inflammatory bowel disease; and preclinical trial to treat idiopathic pulmonary fibrosis and fibrosis diseases.

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