MorphoSys upgraded to Overweight from Underweight at JPMorgan

JPMorgan analyst James Gordon double upgraded MorphoSys to Overweight from Underweight with a price target of $10, up from $3.30. The Pelabresib BET inhibitor MANIFEST-2 Phase III study will report late in 2023, with “success de-risking a blockbuster asset” and offering 200% upside potential in the shares, the analyst tells investors in a research note. The firm sees the study as being more likely to succeed than fail. With the Phase III timelines having been accelerated to year-end reporting, it now sees triple-digit upside in the shares this year, “more than outweighing d/s risk in the event of trial failure.”