MORPHOSYS: MORPHOSYS (BUY, TP EUR72) | Negative EV with a sprinkle of positive catalysts | BUY | EUR72 VS. EUR112 (+191%)
MORPHOSYS - BUY | EUR72 VS. EUR112 (+191%)MORPHOSYS (BUY, TP EUR72) | Negative EV with a sprinkle of positive catalysts
We are re-iterating our BUY rating but changing our TP to EUR72 (from EUR112) based on what we consider known headwinds (Cash burn, Monjuvi sales traction), but more back-end newsflow from mid-stage assets (e.g Pelabresib). We concede MOR isn’t the most exciting story in town, and the lack of a near-term catalyst and high cash-burn certainly is an overhang on the share price. However, we highlight the undoubtedly low valuation and potential catalysts that can be seen as a free option at this point. In our view, MOR's share price during the next few quarters is driven by three factors, 1) growing traction of Monjuvi this year, 2) Monjuvi’s clinical data on non-R/R DLBCL indications, and 3) potential partnership and clinical readout for MOR’s mid-stage assets (i.e., gantenerumab and felzartamab).
Four Inflection points for MorphoSys
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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