Morphic price target raised to $106 from $83 at BMO Capital

BMO Capital raised the firm’s price target on Morphic to $106 from $83 and keeps an Outperform rating on the shares. The company’s EMERALD-1 Phase 2a study results of MORF-057 were a "homerun", positioning the drug as a "competitive entrant" to Entyvio, the analyst tells investors in a research note. BMO adds that there could potentially be additional optionality with early-stage next-generation alpha4beta7 small molecule development candidates in the future.