MorphoSys AG : Recent share price decline provides buying opportunity; we upgrade from Neutral to Buy; TP unchanged at € 110
>Share price decline not fundamentally driven - Our downgrade from Buy to Neutral in early August largely reflected MOR’s stretched valuation as the share price was between € 110-120, leaving no upside to our TP of € 110. Now, at c.€ 80/share, we see more than 30% upside. We therefore upgrade our recommendation from Neutral to Buy as we do not consider the recent share price decline fundamentally driven. Furthermore, we expect a number of catalysts in the near term: i...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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