MorphoSys AG

MorphoSys is engaged in development and commercialization of antibodies for therapeutic applications. Co. operates in two segments: Partnered Discovery, which operates therapeutic development programs for drug candidates in cooperation with biotechnology and pharmaceutical companies; and Proprietary Development, which is engaged in the development of therapeutic antibodies in the area of inflammatory disease and oncology on a proprietary basis. As of Dec 31 2013, Co.'s proprietary antibody compounds in clinical trials included MOR103 in the areas of rheumatoid arthritis and multiple sclerosis; MOR202 in the field of multiple myeloma; and MOR208 in the field of malignant B-cell diseases.
  • TickerMOR
  • ISINDE0006632003
  • SectorPharmaceuticals & Biotechnology
  • CountryGermany
Victor Floc’h

MORPHOSYS - BUY | EUR135 vs. EUR140 (+92%) Even if uncertainty remains, current valuation makes it de facto a BUY

Any Tafa’s sale in 2020 would be an upside No uncertainty can justify current valuation BUY reiterated and slight review of our FV

Thomas J. Schiessle

„Tafa“-Launch-Fahrplan aktuell ohne COVID-19 Störung – erste Guidance 2020 über Erwartung – Cash > € 1,1 Mrd.

Die am 19.03.19 erstmals publizierte Guidance 2020 liegt über den Markterwartungen und plant ohne „Tafa“-Umsatzbeiträge einen Jahresumsatz von € 280 - € 290 Mio. (davon: geplante Tremfya® Lizenzeinnahmen: € 37 - 42 Mio.; Vj: € 32 Mio.); EBIT: € -15 - € +5 Mio.; F&E-Aufwand: € 130 - € 140 Mio. Die EQUI.TS-Schätzung für 2020 „passt“ zur Guidance, zumal diese ohne mögliche erste Tafa-Erlöse aber mit vollen Launchkosten dafür rechnet. Die US-FDA hat als Zieldatum für die Entscheidung über eine mögliche Zulassung gemäß dem sogenannten Prescription Drug User Fee Act (PDUFA) den 30. 08.20, festgele...

Frederic Yoboue

MORPHOSYS: An untouched opportunity, now at a discount | BUY | EUR140(+86%)

MORPHOSYS - BUY | EUR140(+86%) An untouched opportunity, now at a discount Few surprises from the FY19 figures A fairly conservative revenue guidance for 2020 Covid-19’s impact is vastly overpriced in our view

Thomas J. Schiessle

Incyte Corp. Partnerschaft genehmigt; PDUFA-Meeting der FDA für „Tafa“-Marktzulassung am 30.08.20

Die Neubewertungsphase an der Börse läuft. Die EQUI.TS-Schätzung für 2020ff sehen wir – vor der umfassenden Konkretisierung der bilanziellen Auswirkungen des Vertrages mit Incyte – als „Indikation“. Incyte beteiligt sich für $ 150 Mio. an MOR (Lockup: 18 Monate) und zeichnet im März 3,63 Mio. Stück MOR-ADS zu $ 41,32/ADS. Zum Cashbestand (per 30.09.19: € 412 Mio.) kommen im März 2020 ca. € 161 Mio. dazu. Nach erfolgter Kartellfreigabe fließen im Q1/20 upfront $ 750 Mio. (= ca. € 682 Mio. = € 21,3/Aktie) nach Planegg. Davon dürften u.E. ca. 30 % als IFRS-15-Umsatz (=€ 205 Mio.) in 2020 verbuch...

Thomas J. Schiessle

Incyte Corp. wird Entwicklungs- und Vermarktungs-partner für MOR208 und wird MOR Aktien (ADS) kaufen

Für den zentralen Werthebel MOR208 ist eine globale Entwicklungs-, Vertriebs-, und Lizenz-Partnerschaft abgeschlossen worden, die entgegen der ursprünglichen Pläne im wichtigen US-Markt nicht mehr die Exklusivität für MOR vorsieht. Der EQUI.TS-Projektwert steigt deutlich. Das Meilensteinpotential wird mit „bis zu US$ 1,1 Mrd.“ angegeben. Nach in Krafttreten des Vertrages sollen $ 750 Mio. (= ca. € 682 Mio. = € 21,3/Aktie) nach Planegg fließen. Zusätzlich wird Incyte Corp für $ 150 Mio. in MOR Aktien (in Form der ADS) investieren.

Roland Pfaender,MBA,CFA,CCRA

Software AG : H1 2018 update of our ODDO BHF small/mid-cap Germany Conviction List

>Updating our Conviction List on German small-and mid-caps - We are updating our Conviction List for German small-and mid-cap companies selected from the ODDO BHF coverage universe. We believe companies on this list, selected on the basis of bottom-up, valuation and momentum considerations, have the potential to outperform their respective indices over an investment horizon of up to 12 months. We will continue to actively review our Conviction List, adding or remov...

MORPHOSYS AG reduced its risk exposure resulting in an upgrade to Slightly Positive

MORPHOSYS AG (DE), a company active in the Biotechnology industry, reduced its market risk and raised its general evaluation. The independent financial analyst theScreener awarded an improved star rating to the company, which now shows 2 out of 4 possible stars; its market behaviour has improved and can be considered as defensive. theScreener believes that this new assessment merits an overall rating upgrade to Slightly Positive. As of the analysis date March 6, 2020, the closing price was EUR 99.55 and its potential was estimated at EUR 135.54.

Expert Corporate Governance Service (ECGS)

MorphoSys – AGM 27 May 2020

General: The AGM is to be held in the form of a virtual AGM in accordance with the German Law to Mitigate the Consequences of the COVID-19 Pandemic. The physical presence of shareholders or their authorised proxies is not possible. The voting rights may therefore be exercised solely by postal vote or by granting authority to the proxies designated by the Company.   MorphoSys is a clinical-stage biopharmaceutical company dedicated to the discovery, development and commercialisation of innovative therapies for patients suffering from serious diseases. The focus is on cancer. Based on its leadi...

Expert Corporate Governance Service (ECGS)

MorphoSys - AGM 22 May 2019

General: MorphoSys is one of the world’s leading biotechnology companies focusing on fully human antibodies. It's Partnered Discovery segment business applies the Company's proprietary technologies to the research, development and optimisation of therapeutic antibody drug candidates in partnerschips with pharmaceutical and biotechnology companies. In the second segment, Proprietary Development, MorphoSys develops innovative proprietary antibody products. MorphoSys's scientists concentrate on indications such as inflammatory and autoimmune diseases, as well as cancer and infectious diseases. A...

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