Morphic (NASDAQ:MORF) Given New $56.00 Price Target at SVB Leerink

Morphic (NASDAQ:MORF – Get Rating) had its price target raised by research analysts at SVB Leerink from $45.00 to $56.00 in a report released on Wednesday, Benzinga reports. The firm currently has an “outperform” rating on the stock. SVB Leerink’s price target would indicate a potential upside of 17.15% from the stock’s current price.

A number of other research analysts also recently issued reports on MORF. SVB Securities increased their price objective on Morphic from $45.00 to $56.00 in a report on Wednesday. Wells Fargo & Company raised their price target on Morphic from $77.00 to $78.00 and gave the company an “overweight” rating in a research note on Tuesday, November 8th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $65.71.

Morphic Stock Performance

NASDAQ:MORF opened at $47.80 on Wednesday. The company has a market cap of $1.89 billion, a PE ratio of -30.06 and a beta of 1.18. Morphic has a 52-week low of $19.23 and a 52-week high of $49.24. The stock has a 50-day simple moving average of $35.41 and a 200 day simple moving average of $30.39.

Insider Activity

In other news, CFO Marc Schegerin sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 7th. The stock was sold at an average price of $45.00, for a total value of $2,250,000.00. Following the completion of the sale, the chief financial officer now directly owns 17,074 shares of the company’s stock, valued at $768,330. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Morphic news, General Counsel William Devaul sold 1,169 shares of the company’s stock in a transaction on Saturday, January 14th. The stock was sold at an average price of $30.63, for a total value of $35,806.47. Following the transaction, the general counsel now directly owns 23,739 shares of the company’s stock, valued at approximately $727,125.57. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Marc Schegerin sold 50,000 shares of the stock in a transaction on Tuesday, March 7th. The stock was sold at an average price of $45.00, for a total value of $2,250,000.00. Following the transaction, the chief financial officer now owns 17,074 shares in the company, valued at approximately $768,330. The disclosure for this sale can be found here. Insiders sold a total of 69,892 shares of company stock valued at $2,953,892 over the last three months. Insiders own 26.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in MORF. State Street Corp increased its position in Morphic by 64.5% during the 2nd quarter. State Street Corp now owns 1,975,806 shares of the company’s stock worth $42,875,000 after buying an additional 774,789 shares during the period. Point72 Asset Management L.P. increased its position in Morphic by 113.0% during the 2nd quarter. Point72 Asset Management L.P. now owns 1,315,300 shares of the company’s stock worth $28,542,000 after buying an additional 697,866 shares during the period. Wellington Management Group LLP bought a new position in Morphic during the 1st quarter worth $16,949,000. Citadel Advisors LLC increased its position in Morphic by 831.6% during the 3rd quarter. Citadel Advisors LLC now owns 403,303 shares of the company’s stock worth $11,414,000 after buying an additional 360,012 shares during the period. Finally, Federated Hermes Inc. increased its position in Morphic by 102.4% during the 1st quarter. Federated Hermes Inc. now owns 630,200 shares of the company’s stock worth $25,303,000 after buying an additional 318,839 shares during the period. Institutional investors own 79.84% of the company’s stock.

Morphic Company Profile

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Morphic Holding, Inc operates as a biopharmaceutical company, which engages in the research and development of oral small-molecule integrin therapeutics. It operates a Morphic integrin technology platform, MInT platform, to create a broad pipeline of programs across a variety of therapeutic areas. The company was founded by Timothy A.