Canaccord Genuity analyst Edward Nash has maintained their bullish stance on MORF stock, giving a Buy rating today.
Edward Nash’s Buy rating for Morphic Holding’s stock (MORF) is based on several factors. One of the key factors is the successful progression of the company’s drug, MORF-057, which has shown clinical benefits in difficult-to-treat patients in the EMERALD-1 study. Despite the stock’s poor performance in the third quarter due to lower-than-expected endoscopic remission rate, Nash believes the trial’s positive top-line data and primary endpoint met earlier in the year are strong indicators of the drug’s potential. The study also showed promising efficacy signals, indicating a reduction of inflammation measured by biomarkers.
The continuation of the EMERALD-1 study’s 40-week maintenance therapy and the upcoming Phase IIb EMERALD-2 trial further reinforce Nash’s confidence in MORF-057. He anticipates positive results from these trials in 1H24 and 1H25 respectively. In addition, the initiation of an additional Phase IIb trial for MORF-057 in Crohn’s disease in 1H24 highlights the drug’s potential for further applications. Nash believes that the current oversold state of MORF shares presents an ideal buying opportunity for investors.
According to TipRanks, Nash is a 2-star analyst with an average return of 0.0% and a 36.11% success rate. Nash covers the Healthcare sector, focusing on stocks such as Corcept Therapeutics, Akero Therapeutics, and Madrigal Pharmaceuticals.
In another report released today, BMO Capital also maintained a Buy rating on the stock with a $52.00 price target.
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Morphic Holding (MORF) Company Description:
Morphic Holding, Inc. operates as a biopharmaceutical company, which engages in the research and development of oral small-molecule integrin therapeutics. It operates a Morphic integrin technology platform, MInT platform, to create a broad pipeline of programs across a variety of therapeutic areas. The company was founded by Timothy A. Springer in August 2014 and is headquartered in Waltham, MA.
Read More on MORF:
- Morphic Announces Corporate Highlights and Financial Results for the Third Quarter 2023
- Morphic expects cash to fund operations through second half of 2027
- Morphic reports Q3 EPS (73c), consensus (95c)
- Morphic Therapeutic to Host Webcast to Present EMERALD-1 Full Data Set
- Biotech Alert: Searches spiking for these stocks today
