MorphoSys downgraded to Sell from Neutral at Goldman Sachs

Goldman Sachs analyst Rajan Sharma downgraded MorphoSys to Sell from Neutral with a price target of EUR 12, down from EUR 24. The analyst cites persisting near-term commercial challenges and a lack of catalysts to improve sentiment as reasons for the downgrade, adding that the the execution of Monjuvi has appeared "sub-optimal." Sharma noted that he is also cautious on the 1L opportunity as competition in the space is set to intensify with CD20 bispecific launches from 2023.