Morgan Stanley analyst James Quigley double upgraded MorphoSys to Overweight from Underweight with a price target of $9.20, up from $3.70. Despite increasing competition, the firm’s updated analysis suggests peak global sales of $1.6B for pelabresib. In addition, while some clinical risk remains, the data so far suggests that MANIFEST-2 has a good chance of success, which should drive significant upside in the shares, the analyst tells investors in a research note. Morgan Stanley says the binary outcome and profit taking has driven weakness in recent weeks in shares of MorphoSys. It sees the risk/reward positively skewed at current levels.
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