Morphic Therapeutic (MORF) PT Raised to $115 at Jefferies

Jefferies analyst Michael Yee raised the price target on Morphic Therapeutic (NASDAQ: MORF) to $115.00 (from $50.00) while maintaining a Buy rating.

The analyst commented, "MORF reported positive Phase I data for its oral UC pill, where they showed great PK and PD biomarkers of >95% receptor occupancy (RO) for a well validated target. Given it's the same mechanism as Takeda's ~$3-4B blockbuster IV Entyvio, we think this should create more value than a traditional Phase I, even with high expectations into the readout. Full data, including new are expected by mid-21 (est DDW in May), and Phase II in UC likely to start in H2."

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