Wellington Management Co. LLP recently announced the acquisition of new stake in Morphic Holding Inc (NASDAQ:MORF). The institutional investor has increased its shareholding in the Healthcare company by 48.53% to 3.42 million shares with purchase of 1.12 million shares. This fresh investment now brings its stake to 6.88% valued currently at $81.1 million. In addition, Point72 Asset Management LP raised its holdings by 2.5 million to 2.5 million shares. And BlackRock Fund Advisors has lifted its position by 13.39% or 0.29 million shares – to 2.43 million shares.
With over 0.44 million Morphic Holding Inc (MORF) shares trading Friday and a closing price of $28.90 on the day, the dollar volume was approximately $12.62 million. The shares have shown a negative half year performance of -50.22% and its price on 12/22/23 gained nearly 1.23%. Currently, there are 49.74M common shares owned by the public and among those 38.68M shares have been available to trade.
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Insiders at the company have transacted a total of 60 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 30 of these insider trades were purchases, accounting for 1,411,321 shares. Insider sales of the common stock occurred on 30 occasions, with total insider shares sold totaling 286,957 shares.
The top 3 mutual fund holders in Morphic Holding Inc are Fidelity Growth Company Fund, SPDR S&P Biotech ETF, and Vanguard Total Stock Market ETF. Fidelity Growth Company Fund owns 1.27 million shares of the company’s stock, all valued at over $30.17 million. SPDR S&P Biotech ETF bought 5700.0 shares to see its total holdings expand to 1.22 million shares valued at over $28.98 million and representing 2.46% of the shares outstanding. Vanguard Total Stock Market ETF now owns shares totaling to 2.35% of the shares outstanding.
Shares of Morphic Holding Inc (NASDAQ: MORF) opened at $28.87, up $0.32 from a prior closing price of $28.55. However, the script later moved the day high at 29.74, up 1.23%. The company’s stock has a 5-day price change of -6.77% and 24.89% over the past three months. MORF shares are trading 8.04% year to date (YTD), with the 12-month market performance up to 9.43% higher. It has a 12-month low price of $19.34 and touched a high of $63.08 over the same period. MORF has an average intraday trading volume of 1.19 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 8.85%, 23.10%, and -32.67% respectively.
Institutional ownership of Morphic Holding Inc (NASDAQ: MORF) shares accounts for 81.60% of the company’s 49.74M shares outstanding. Mutual fund holders own 38.38%, while other institutional holders and individual stakeholders account for 43.24% and 29.34% respectively.
It has a market capitalization of $1.44B and a beta (3y monthly) value of 1.40. The earnings-per-share (ttm) stands at -$3.18. Price movements for the stock have been influenced by the stock’s volatility, which stands at 5.03% over the week and 5.53% over the month.
Analysts forecast that Morphic Holding Inc (MORF) will achieve an EPS of -$0.63 for the current quarter, -$0.95 for the next quarter and -$3.88 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.98 while analysts give the company a high EPS estimate of $0.96. Comparatively, EPS for the current quarter was -$0.64 a year ago. Earnings per share for the fiscal year are expected to decrease by -120.54%, and -10.49% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 10 brokerage firm advisors rate Morphic Holding Inc (MORF) as a “Strong Buy” at a consensus score of 1.40. Specifically, 8 Wall Street analysts polled rate the stock as a buy, while 2 of the 10 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the MORF, a number of firms have released research notes about the stock. Citigroup stated their Buy rating for the stock in a research note on December 08, 2023, with the firm’s price target at $46.
