Morphic initiated with bullish view at Citi, here’s why

Citi initiated coverage of Morphic Therapeutic with a Buy rating and $46 price target. Morphic is a clinical staged biotech focused on discovering and developing integrin inhibitors, the analyst tells investors in a research note. The firm says FDA approval of Entyvio validated alpha-4beta7 inhibition as an effective mechanism of action in inflammatory bowel diseases such as ulcerative colitis and Crohn’s disease. Citi sees favorable risk/reward profile into the topline Phase 2b EMERALD-2 data expected in the first half of 2025.