MORPHOSYS | BUY | EUR65 vs. EUR72 • MorphoSys lowers FY guidance, re-iterating buy rating, reducing TP to 65 (from EUR72)
MORPHOSYS | BUY | EUR65 vs. EUR72• MorphoSys lowers FY guidance, re-iterating buy rating, reducing TP to 65 (from EUR72)
• Morphosys lowers FY guidance around Monjuvi sales and Opex.
• We are neutral on Monjuvi 2H 22 sales; we do not believe the duration of therapy to improve materially.
• We reiterate our non-consensus Buy rating but reduce the TP to EUR65 from EUR72.
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.
Since 1996, Bryan, Garnier & Co has been growing with an absolute conviction that the investment banking landscape would experience a major revolution: most of the large local generalist banking groups will disappear to the benefit of a handful of global powerhouses, and an emerging group of independent, highly specialised boutique investment banks.
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