Morphic Holding, Inc. (NASDAQ:MORF) Sees Large Decrease in Short Interest


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Morphic Holding, Inc. (NASDAQ:MORF) was the recipient of a large decrease in short interest in the month of March. As of March 31st, there was short interest totalling 604,700 shares, a decrease of 29.3% from the March 15th total of 854,900 shares. Based on an average trading volume of 423,000 shares, the short-interest ratio is currently 1.4 days. Currently, 3.5% of the company’s stock are sold short.

In other news, Director Timothy A. Springer acquired 100,000 shares of the stock in a transaction on Friday, March 5th. The stock was acquired at an average price of $70.00 per share, with a total value of $7,000,000.00. Following the completion of the transaction, the director now owns 4,565,191 shares of the company’s stock, valued at approximately $319,563,370. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Fund V. Gp L.P. Omega sold 47,937 shares of the company’s stock in a transaction dated Friday, March 26th. The stock was sold at an average price of $58.67, for a total transaction of $2,812,463.79. The disclosure for this sale can be found here. Insiders have sold a total of 486,607 shares of company stock worth $24,677,574 in the last quarter. Company insiders own 39.50% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Lazard Asset Management LLC bought a new position in Morphic during the fourth quarter valued at approximately $66,000. Citigroup Inc. boosted its stake in shares of Morphic by 327.3% in the 4th quarter. Citigroup Inc. now owns 2,816 shares of the company’s stock worth $94,000 after buying an additional 2,157 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Morphic by 10.5% in the third quarter. JPMorgan Chase & Co. now owns 5,105 shares of the company’s stock worth $140,000 after acquiring an additional 487 shares during the period. Virtus ETF Advisers LLC purchased a new stake in Morphic during the fourth quarter valued at $295,000. Finally, Russell Investments Group Ltd. bought a new position in Morphic in the fourth quarter valued at about $395,000. 61.49% of the stock is currently owned by hedge funds and other institutional investors.

A number of equities analysts have weighed in on the stock. Royal Bank of Canada lifted their target price on shares of Morphic from $35.00 to $50.00 and gave the company an “outperform” rating in a report on Tuesday, February 2nd. Wells Fargo & Company boosted their target price on Morphic from $40.00 to $103.00 in a report on Monday, March 1st. Finally, Zacks Investment Research downgraded Morphic from a “buy” rating to a “hold” rating in a report on Wednesday, March 3rd.

Shares of MORF traded down $0.32 on Friday, hitting $55.08. 78,913 shares of the stock traded hands, compared to its average volume of 402,158. Morphic has a one year low of $12.09 and a one year high of $93.00. The company has a market capitalization of $1.79 billion, a PE ratio of -35.31 and a beta of 1.01. The business has a 50 day simple moving average of $61.92 and a 200 day simple moving average of $38.83.

Morphic (NASDAQ:MORF) last issued its earnings results on Sunday, February 28th. The company reported ($0.57) EPS for the quarter, missing the consensus estimate of ($0.50) by ($0.07). The business had revenue of $5.90 million during the quarter, compared to analyst estimates of $8.00 million. On average, equities research analysts forecast that Morphic will post -1.28 earnings per share for the current year.

About Morphic

Morphic Holding, Inc, a biopharmaceutical company, discovers and develops oral small-molecule integrin therapeutics for the treatment of autoimmune, cardiovascular, metabolic diseases, as well as fibrosis and cancer. Its lead product candidates are MORF-057, an a4Ã7-specific integrin inhibitor affecting inflammation that is in Phase 1 clinical trial for the treatment of inflammatory bowel disease; and MORF-720 and MORF-627, which is in the preclinical trial to treat idiopathic pulmonary fibrosis and fibrosis diseases.

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