Morphic (NASDAQ:MORF) Stock Rating Reaffirmed by Royal Bank of Canada

Morphic (NASDAQ:MORFGet Free Report)‘s stock had its “sector perform” rating restated by research analysts at Royal Bank of Canada in a research note issued to investors on Tuesday, Marketbeat.com reports. They currently have a $57.00 price objective on the stock, down from their prior price objective of $70.00. Royal Bank of Canada’s price objective points to a potential upside of 2.26% from the company’s current price.

Morphic Price Performance

NASDAQ:MORF opened at $55.74 on Tuesday. Morphic has a 1 year low of $19.34 and a 1 year high of $62.08. The stock’s fifty day moving average price is $31.56 and its two-hundred day moving average price is $31.97. The company has a market cap of $2.79 billion, a P/E ratio of -15.93 and a beta of 1.50.

Morphic (NASDAQ:MORFGet Free Report) last issued its quarterly earnings data on Thursday, April 25th. The company reported ($0.91) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.96) by $0.05. On average, analysts expect that Morphic will post -4.07 earnings per share for the current fiscal year.

Insider Activity at Morphic

In related news, CAO Robert E. Farrell, Jr. sold 30,272 shares of the stock in a transaction on Monday, July 8th. The stock was sold at an average price of $55.80, for a total value of $1,689,177.60. Following the sale, the chief accounting officer now owns 13,781 shares in the company, valued at $768,979.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CAO Robert E. Farrell, Jr. sold 30,272 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $55.80, for a total value of $1,689,177.60. Following the transaction, the chief accounting officer now directly owns 13,781 shares in the company, valued at $768,979.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, President Bruce Rogers sold 20,000 shares of Morphic stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $55.79, for a total transaction of $1,115,800.00. Following the sale, the president now owns 149,883 shares of the company’s stock, valued at $8,361,972.57. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 125,790 shares of company stock valued at $7,018,566. Corporate insiders own 25.60% of the company’s stock.

Institutional Investors Weigh In On Morphic

A number of large investors have recently added to or reduced their stakes in MORF. American International Group Inc. grew its holdings in shares of Morphic by 2.9% during the 1st quarter. American International Group Inc. now owns 18,797 shares of the company’s stock valued at $662,000 after purchasing an additional 533 shares during the last quarter. DNB Asset Management AS boosted its position in Morphic by 9.3% during the second quarter. DNB Asset Management AS now owns 7,202 shares of the company’s stock valued at $245,000 after buying an additional 614 shares during the period. LRI Investments LLC bought a new position in shares of Morphic during the first quarter valued at about $35,000. ProShare Advisors LLC increased its holdings in shares of Morphic by 11.9% in the first quarter. ProShare Advisors LLC now owns 10,359 shares of the company’s stock worth $365,000 after buying an additional 1,099 shares during the period. Finally, State Board of Administration of Florida Retirement System lifted its stake in shares of Morphic by 12.2% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 11,045 shares of the company’s stock valued at $416,000 after acquiring an additional 1,200 shares during the last quarter. Hedge funds and other institutional investors own 94.25% of the company’s stock.

About Morphic

(Get Free Report)

Morphic Holding, Inc, a biopharmaceutical company, discovers and develops oral small-molecule integrin therapeutics for the treatment of autoimmune, cardiovascular, and metabolic diseases, as well as fibrosis and cancer. Its lead product candidate MORF-057, an a4ß7-specific integrin inhibitor affecting inflammation is in Phase 2 clinical trials for the treatment of inflammatory bowel disease.

See Also

Analyst Recommendations for Morphic (NASDAQ:MORF)

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