MONSEY, N.Y., July 08, 2024 (GLOBE NEWSWIRE) — The law firm of Wohl & Fruchter LLP is investigating the fairness of the proposed sale of Morphic Holding, Inc. (Nasdaq: MORF) (“Morphic”) to Eli Lilly and Company (“Eli Lilly”) for $57.00 per share in cash in a tender offer. The sales price is below the price target for Morphic of at least five Wall Street analysts (source: TipRanks).
If you remain a Morphic shareholder and question the fairness of the price, you may contact our firm at the following link to discuss your legal rights at no charge:
https://wohlfruchter.com/cases/morphic-holding/
Alternatively, you may contact us by phone at 866-833-6245, or via email at alerts@wohlfruchter.com.
Why is there an investigation?
On July 8, 2024, Morphic announced that it had agreed to be sold to Eli Lilly for $57.00 per share in cash in a tender offer.
Notably, according to TipRanks, the sales price of $57.00 per share is below the price target for Morphic of at least five Wall Street analysts:
- Gregory Renza of RBC Capital ($70.00 per share)
- Edward Nash of Canaccord Genuity ($66.00 per share)
- Derek Archila of Wells Fargo ($64.00 per share)
- Thomas Smith of Leerink Partners ($60.00 per share)
- Michael Yee of Jefferies ($60.00 per share)
The sales price is also below Morphic’s 52-week high of $62.08 per share, which indicates that the purchase may be opportunistic after a sharp drop in September 2023.
“We are investigating whether the Morphic Board of Directors acted in the best interests of Morphic shareholders in approving the sale,” explained Joshua Fruchter, a founding partner of Wohl & Fruchter. “This includes whether the price agreed upon is fair to Morphic shareholders, as well as whether all material information regarding the transaction has been fully disclosed.”
About Wohl & Fruchter
Wohl & Fruchter LLP has for over a decade been representing investors in litigation arising from fraud and other corporate misconduct, and recovered hundreds of millions of dollars in damages for investors. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
Contact:
Wohl & Fruchter LLP
Joshua E. Fruchter
Toll Free 866.833.6245
alerts@wohlfruchter.com
www.wohlfruchter.com
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