MorphoSys downgraded to Equal Weight from Overweight at Wells Fargo

Wells Fargo analyst Derek Archila downgraded MorphoSys (MOR) to Equal Weight from Overweight with a price target of $18.25, up from $17, noting that the Novartis (NVS) deal is on track to close in the first half. Novartis previously announced that it has entered into an agreement to make a voluntary public takeover offer to acquire MorphoSys for EUR 68 per share, or an aggregate of EUR 2.7B.