Morphic Holding, Inc. (NASDAQ:MORF – Get Rating)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $25.05, but opened at $26.48. Morphic shares last traded at $26.42, with a volume of 366 shares.
Wall Street Analysts Forecast Growth
A number of brokerages have weighed in on MORF. SVB Leerink began coverage on Morphic in a research note on Wednesday, July 20th. They set an “outperform” rating and a $45.00 price target on the stock. Royal Bank of Canada dropped their price objective on Morphic from $76.00 to $70.00 and set an “outperform” rating for the company in a report on Thursday. Finally, Wells Fargo & Company lowered their price target on Morphic from $79.00 to $77.00 and set an “overweight” rating for the company in a report on Thursday. Six investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $67.83.
Morphic Trading Up 11.6 %
The business’s 50-day simple moving average is $23.75 and its two-hundred day simple moving average is $32.33. The company has a market capitalization of $1.22 billion, a PE ratio of -11.09 and a beta of 1.51.
Hedge Funds Weigh In On Morphic
Large investors have recently modified their holdings of the stock. Nisa Investment Advisors LLC bought a new position in shares of Morphic during the second quarter worth about $28,000. Point72 Hong Kong Ltd lifted its position in shares of Morphic by 983.3% during the fourth quarter. Point72 Hong Kong Ltd now owns 715 shares of the company’s stock worth $34,000 after purchasing an additional 649 shares during the last quarter. UBS Group AG bought a new position in shares of Morphic during the first quarter worth about $54,000. Group One Trading L.P. bought a new position in shares of Morphic during the first quarter worth about $56,000. Finally, Dupont Capital Management Corp lifted its holdings in Morphic by 65.9% in the second quarter. Dupont Capital Management Corp now owns 6,166 shares of the company’s stock worth $134,000 after acquiring an additional 2,450 shares during the last quarter. Institutional investors own 72.87% 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, 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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