BTIG downgraded Morphic to Neutral from Buy with no price target. After expanded open label Phase 2a results were shared on Friday in a UEG abstract, the firm does not think that MORF-057’s incremental convenience as an oral therapy adequately offsets the growing risk that MORF-057 is proven to be comparable or less effective than Entyvio, the analyst tells investors. Without a clear efficacy advantage over Entyvio established to date, MORF-057 “has a good chance of headwinds continuing to materialize,” says the firm, which sees price likely becoming an important factor for uptake between the two therapies.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on MORF:
- Morphic to Present Positive EMERALD-1 Phase 2a Data for MORF-057 in Patients with Moderate to Severe Ulcerative Colitis in Abstract for UEGW 2023
- Morphic selloff on abstract an overreaction, says BMO Capital
- Morphic MORF-057 data hard to interpret without details, says Canaccord
- Reaction to Morphic’s MORF-057 UEG abstract ‘likely overblown,’ says Wells Fargo
- Morphic sinks after EMERALD-1 abstract, says Stifel