Morphic price target lowered to $64 from $67 at Wells Fargo

Wells Fargo lowered the firm’s price target on Morphic to $64 from $67 and keeps an Overweight rating on the shares. The firm expects 2024 to be a quieter year in terms of news and data flow, but still believes MORF-057 is de-risked in ulcerative colitis, the analyst tells investors in a research note. Wells sees shares trading up later this year into the 1H25 Phase 2b read out.