Despite a price target lowered by JP Morgan, the Morphosys share can now post profits. The TecDAX is currently trading at EUR 118.70, up 1.54 percent, the daily high is EUR 119.30. JP Morgan sees the new target for the biotech share at 130 euros, previously it was 150 euros – but the “overweight” remains. The reason for the lower price target is adjustments in the valuation model according to the latest news about Morphosys and Incyte.
The new price target is close to current Morphosys share prices, but there are chart-technical barriers for the biotech share between the target and the current price. Since May 12, the share price has tried unsuccessfully to jump above the zone 122.25 / 122.70 euros – the last strong chart-technical resistance marks for the Morphosys share before a test of the next hurdles at 129.10 / 132.20 euros and that 136.30 / 137.30 euros. Only the previous top at 146.30 euros is the next target for the TecDAX value.
If there are no buy signals and the Morphosys share falls back, there would be technical support zones at EUR 114.25 / 115.70 and EUR 109.50 / 111.00.
Important technical chart data for Morphosys shares:
Last share price: EUR 118.70 (stock exchange: XETRA – Frankfurt)
Long-term upward trend is intact despite the sometimes very wide fluctuation range of the Morphosys share.
Bollinger Bands 20 (below / above): 85.60 euros / 130.96 euros
EMA 20: 108.28 euros
EMA 50: 103.92 euros
EMA 200: 103.19 euros