Morphic price target raised to $80 from $75 at RBC Capital

RBC Capital raised the firm’s price target on Morphic to $80 from $75 and keeps an Outperform rating on the shares. The company’s EMERALD-1 topline results bolster optimism on the MORF-057’s profile and IBD positioning, and the trial’s data has likely demonstrated solid efficacy and safety profile to potentially warrant a competitive market opportunity, the analyst tells investors in a research note.