MorphoSys weakness on patent ruling a buying opportunity, says Piper Jaffray

MorphoSys (MOR) shares are indicating down 5% this morning after the U.S. District Court sided against the company and ruled three of its patents invalid in a summary judgement of its lawsuit against Johnson & Johnson’s (JNJ) Janssen this weekend, Piper Jaffray analyst Danielle Brill tells investors in a research note. The analyst is not surprised by the outcome and had low expectations for MorphoSys winning the case. The invalidated patents do not impact MorphoSys’ drug MOR-202, and “very little has been lost” for the company, Brill writes. As such, she recommends buying the stock on today’s weakness. The analyst keeps an Overweight rating on MorphoSys with a $38 price target.
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