MorphoSys could fetch $3B-$4B in a takeout, says Wells Fargo

After Reuters reported that Novartis (NVS) has come out ahead of Incyte (INCY) in the pursuit of MorphoSys (MOR) and that the former is in advanced discussions to acquire the latter, Wells Fargo said the reported interest validates higher odds of success for pelabresib’s approval than the Street estimates. The firm, which thinks MorphoSys could fetch $3B-$4B in a takeout, has an Overweight rating and $17 price target on the shares, which are up $5.04, or 46%, to $16.11 in afternoon trading in New York.