Morphic Therapeutic (MORF) PT Raised to $106 at BMO Capital

BMO Capital analyst Evan Seigerman raised the price target on Morphic Therapeutic (NASDAQ: MORF) to $106.00 (from $83.00) while maintaining a Outperform rating.

The analyst commented, "Following EMERALD-1 Ph 2a MORF-057 readout (note here), we raise our target to $106 ($83 previously), which assumes: 1) 70% PoS in ulcerative colitis, 30% in Crohn's disease; 2) slightly higher peak revenue assumptions in UC — $3.3B un-adj. ($2.3B adj.), from $3.1B un-adj. ($1.6B adj.); 3) 1Q23 earnings results. Data are validation ahead of 1H25 EMERALD-2 readout, detailed Ph 2a data in meantime. Given the totality of data, we view the data as a homerun: MORF-057 is competitive entrant to Entyvio (Takeda guides to $7.5-$9B across IV + subQ)."

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