JPMorgan analyst Richard Vosser downgraded MorphoSys to Underweight from Neutral with a price target of $2.90, down from $5. The analyst continues to see a "bifurcation" in European pharma company outlooks in 2023, both in terms of pipeline readouts and longer-term where "genericisations again need to be navigated." As such, he would avoid companies like GSK and Roche, seeing downside to 2023 consensus estimates and "potentially challenged" 2025-2030 outlooks. Vosser continues to favor companies "which have sustainably higher growth" and "far more" pipeline data points, new launches to drive estimate upgrades. On MorphoSys, the analyst made significant Monjuvi estimate cuts.
Published first on TheFly
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