Morphic (NASDAQ:MORF) Earns Market Perform Rating from BMO Capital Markets

BMO Capital Markets restated their market perform rating on shares of Morphic (NASDAQ:MORF) in a report published on Tuesday morning, MarketBeat reports. BMO Capital Markets currently has a $57.00 price target on the stock, up from their prior price target of $52.00.

Separately, Royal Bank of Canada reissued a sector perform rating and issued a $57.00 target price (down from $70.00) on shares of Morphic in a research note on Tuesday. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of Hold and an average price target of $53.60.

Morphic Stock Up 0.0 %

Shares of MORF opened at $55.75 on Tuesday. Morphic has a twelve month low of $19.34 and a twelve month high of $62.08. The company has a 50 day moving average of $32.10 and a 200-day moving average of $32.14.

Morphic (NASDAQ:MORF) last released its earnings results on Thursday, April 25th. The company reported ($0.91) earnings per share for the quarter, beating the consensus estimate of ($0.96) by $0.05. On average, sell-side analysts predict that Morphic will post -4.07 EPS for the current fiscal year.

Insider Buying and Selling at Morphic

In other Morphic news, President Bruce Rogers sold 20,000 shares of the firm’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $55.79, for a total transaction of $1,115,800.00. Following the completion of the sale, the president now owns 149,883 shares of the company’s stock, valued at approximately $8,361,972.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Praveen P. Tipirneni sold 21,582 shares of Morphic stock in a transaction on Monday, July 8th. The stock was sold at an average price of $55.79, for a total transaction of $1,204,059.78. Following the completion of the sale, the chief executive officer now owns 42,460 shares of the company’s stock, valued at $2,368,843.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, President Bruce Rogers sold 20,000 shares of Morphic stock in a transaction on Monday, July 8th. The stock was sold at an average price of $55.79, for a total value of $1,115,800.00. Following the sale, the president now directly owns 149,883 shares of the company’s stock, valued at approximately $8,361,972.57. The disclosure for this sale can be found here. Insiders sold 125,790 shares of company stock valued at $7,018,566 in the last quarter. 25.60% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Point72 Asset Management L.P. increased its position in shares of Morphic by 83.3% in the fourth quarter. Point72 Asset Management L.P. now owns 4,591,000 shares of the company’s stock worth $132,588,000 after purchasing an additional 2,086,617 shares during the period. Wellington Management Group LLP increased its position in shares of Morphic by 48.5% in the third quarter. Wellington Management Group LLP now owns 3,421,820 shares of the company’s stock worth $78,394,000 after purchasing an additional 1,117,985 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of Morphic by 13.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 2,523,586 shares of the company’s stock worth $88,831,000 after purchasing an additional 300,958 shares during the period. Artal Group S.A. increased its position in shares of Morphic by 3.5% in the first quarter. Artal Group S.A. now owns 2,213,188 shares of the company’s stock worth $77,904,000 after purchasing an additional 75,000 shares during the period. Finally, Vanguard Group Inc. increased its position in shares of Morphic by 10.5% in the third quarter. Vanguard Group Inc. now owns 2,107,410 shares of the company’s stock worth $48,281,000 after purchasing an additional 200,772 shares during the period. Institutional investors own 94.25% of the company’s stock.

Morphic Company Profile

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.