GS ups Morphosys to 'neutral' ahead of MANIFEST-2 trial readout

Morphosys AG

15/09/2023 09:51

** Goldman Sachs upgrades Morphosys  MORG.DE  to "neutral"
from "sell" ahead of the "significant" readout of the German
drugmaker's MANIFEST-2 trial of BET inhibitor pelabresib 
    ** Shares in Morphosys are up 8%, topping Germany's
small-cap index  .SDAXI , set for a best day since May, when it
closed 8.9 % higher
    ** The brokerage says that pelabresib has a potentially
"best-in-class" profile among emerging myelofibrosis (MF)
therapies
    ** The broker sees MF as an area of growing industry and
investor interest, as the active development program with new
modalities might enter the market in the foreseeable future,
impacting many global healthcare companies
    ** Other stocks with exposure to the theme include Incyte
Corp  INCY.O , AbbVie  ABBV.N , Bristol-Myers Squibb  BMY.N ,
Geron  GERN.O , GSK  GSK.L , Merck & Co  MRK.N  and Swedish
Orphan Biovitrum  SOBIV.ST 
    ** Out of 13 analysts that cover Morphosys, seven rate the
stock "buy,"​ three rate it "hold" and three rate the stock
"strong sell"/"sell" - LSEG data

 (Reporting by Mateusz Dobrzyniewski)
 ((Mateusz.dobrzyniewski@thomsonreuters.com))