Morphic Therapeutic (MORF) PT Raised to 'Street High' $111 at BMO Capital
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BMO Capital analyst Do Kim raised the price target on Morphic Therapeutic (NASDAQ: MORF) to a "Street High" $111.00 (from $40.00) while maintaining an Outperform rating.
The analyst commented, "We raise our target price to $111 from $40, following highly positive receptor occupancy (RO) data from MORF-057 SAD Phase 1, as we increase our peak sales estimate to $4.4B (from $3.1B) and our probability of success to 55% (from 35%). We believe the >95% RO achieved by the three highest MORF-057 dose cohorts provides proof-of-mechanism for α4β7 inhibition, an approach well-validated by Entyvio for IBD. With Entyvio-like efficacy and clean safety, oral MORF-057 could be preferred over injectable biologics in IBD, which is a $20B market opportunity."
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