Zacks: Analysts Set $29.67 Price Target for Morphic Holding (NASDAQ:MORF)

Shares of Morphic Holding (NASDAQ:MORF) have received an average broker rating score of 1.00 (Strong Buy) from the four brokers that cover the stock, Zacks Investment Research reports. Four equities research analysts have rated the stock with a strong buy recommendation.

Analysts have set a 12 month consensus price objective of $29.67 for the company and are expecting that the company will post ($0.35) earnings per share for the current quarter, according to Zacks. Zacks has also given Morphic an industry rank of 58 out of 255 based on the ratings given to related companies.

Separately, Zacks Investment Research raised Morphic from a “hold” rating to a “buy” rating and set a $18.00 price target for the company in a report on Saturday, November 16th.

Large investors have recently added to or reduced their stakes in the stock. Artal Group S.A. acquired a new stake in Morphic during the 2nd quarter worth approximately $9,910,000. Vanguard Group Inc. bought a new position in Morphic during the 2nd quarter worth $1,515,000. Glen Harbor Capital Management LLC bought a new position in Morphic during the 2nd quarter worth $97,000. Jefferies Group LLC bought a new position in Morphic during the 2nd quarter worth $2,478,000. Finally, Novo Holdings A S bought a new position in Morphic during the 2nd quarter worth $52,433,000. 45.19% of the stock is owned by institutional investors and hedge funds.

Shares of MORF traded down $0.90 during mid-day trading on Thursday, reaching $15.49. The company’s stock had a trading volume of 81,881 shares, compared to its average volume of 76,698. Morphic has a 1-year low of $12.03 and a 1-year high of $33.50. The business’s 50-day moving average price is $15.52.

Morphic (NASDAQ:MORF) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.30) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.45) by $0.15. The firm had revenue of $5.68 million for the quarter, compared to analyst estimates of $6.40 million. As a group, analysts forecast that Morphic will post -2.11 earnings per share for the current year.

About Morphic

Morphic Holding, Inc, a biopharmaceutical company, focuses on the discovery and development of oral small-molecule integrin therapeutics. The company's lead product candidates in clinical development are MORF-720, a selective oral avb6 specific integrin inhibitor for the treatment of idiopathic pulmonary fibrosis; and a4b7 specific integrin inhibitors for the treatment of inflammatory bowel disease.

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