Shares of biopharmaceutical company Morphic Holding (NASDAQ:MORF) are under pressure in the pre-market session today after its CEO, Dr. Praveen Tipirneni, took a medical leave of absence due to an emergent medical event.
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Tipirneni is expected to resume his duties after making a recovery. In the meantime, Morphic’s day-to-day operational activities will be looked after by its executive team, which includes its President, Dr. Bruce Rogers, and COO and CFO, Dr. Marc Schegerin.
Morphic shares have nosedived nearly 57% over the past five sessions after investors were left unimpressed with the data readout on Morphic’s lead candidate, MORF-057. The drug is targeted for the treatment of ulcerative colitis (UC).
In the Phase 2a study, MORF-057 achieved the primary endpoint while demonstrating meaningful improvements in secondary and exploratory measures. MORF-057 is designed to reduce the migration of lymphocytes from the bloodstream into intestinal mucosal tissues and avoid inflammation associated with inflammatory bowel disease.
What Is the Price Target for MORF?
Overall, the Street has a consensus price target of $74.50 on Morphic, alongside a Moderate Buy consensus rating. This points to a mouth-watering 249% potential upside in the stock.
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