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JP Morgan has upgraded MorphoSys (NASDAQ:MOR) to overweight, citing upcoming data from a Phase 3 clinical study for its drug pelabresib in the treatment of myelofibrosis, a type of bone marrow cancer.
The investment bank said that positive results would de-risk a “blockbuster asset” that it believes could have peak sales of EUR 1.5B. Results from the Phase 3 trial are expected in late 2023.
“Though there is also some risk of secondary endpoint failure, which would be a significant disappointment, we see the study as being more likely to succeed than fail, and with even a 50/50 blended scenario offering 40% upside,” the analysts wrote in their noted dated June 16.
It noted that MorphoSys was expected to hold an investor event on June 21 to discuss the product and its potential market in greater detail, which should “increase appreciation for the asset.”
More on MorphoSys:
MorphoSys: Morphing Prospects, Q1 2023, Rising From The Ashes
MorphoSys: Pelabresib Data Expected In Year-End 2023, Upgrading To A Buy
MorphoSys adds 16% on faster timeline for Phase 3 myelofibrosis program
MorphoSys ends pre-clinical research in favor of clinical-stage cancer programs
