Morphic (NASDAQ:MORF) Earns “Sector Perform” Rating from Royal Bank of Canada

Morphic (NASDAQ:MORFGet Free Report)‘s stock had its “sector perform” rating reiterated by investment analysts at Royal Bank of Canada in a report issued on Tuesday, Benzinga reports. They currently have a $57.00 price objective on the stock, down from their prior price objective of $70.00. Royal Bank of Canada’s price objective would indicate a potential upside of 2.26% from the company’s current price.

Morphic Stock Up 75.1 %

NASDAQ MORF opened at $55.74 on Tuesday. The stock’s 50-day moving average price is $30.44 and its 200-day moving average price is $31.62. Morphic has a 52 week low of $19.34 and a 52 week high of $62.08. The company has a market capitalization of $2.79 billion, a P/E ratio of -15.93 and a beta of 1.50.

Morphic (NASDAQ:MORFGet Free Report) last posted its quarterly earnings data on Thursday, April 25th. The company reported ($0.91) EPS for the quarter, topping the consensus estimate of ($0.96) by $0.05. Research analysts anticipate that Morphic will post -4.07 EPS for the current year.

Institutional Trading of Morphic

Several institutional investors and hedge funds have recently added to or reduced their stakes in MORF. Point72 Asset Management L.P. raised its stake in Morphic by 83.3% during the 4th quarter. Point72 Asset Management L.P. now owns 4,591,000 shares of the company’s stock valued at $132,588,000 after purchasing an additional 2,086,617 shares during the period. Wellington Management Group LLP grew its holdings in Morphic by 48.5% during the 3rd quarter. Wellington Management Group LLP now owns 3,421,820 shares of the company’s stock valued at $78,394,000 after buying an additional 1,117,985 shares in the last quarter. Jennison Associates LLC purchased a new position in Morphic during the 4th quarter valued at approximately $17,818,000. Price T Rowe Associates Inc. MD grew its holdings in Morphic by 13.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,523,586 shares of the company’s stock valued at $88,831,000 after buying an additional 300,958 shares in the last quarter. Finally, Goldman Sachs Group Inc. grew its holdings in Morphic by 88.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 635,064 shares of the company’s stock valued at $18,341,000 after buying an additional 297,567 shares in the last quarter. Institutional investors own 94.25% of the company’s stock.

Morphic Company Profile

(Get Free Report)

Morphic Holding, Inc, a biopharmaceutical company, discovers and develops oral small-molecule integrin therapeutics for the treatment of autoimmune, cardiovascular, and metabolic diseases, as well as fibrosis and cancer. Its lead product candidate MORF-057, an a4ß7-specific integrin inhibitor affecting inflammation is in Phase 2 clinical trials for the treatment of inflammatory bowel disease.

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Analyst Recommendations for Morphic (NASDAQ:MORF)

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