FRANKFURT (dpa-AFX) - Morphosys shares rose to their highest level since the end of 2021 on Tuesday. Morphosys rose by 16 percent to a good 39 euros around noon. They thus continued the recovery rally that began two months ago, after unconvincing study data on the blood cancer drug pelabresib had caused the share price to plummet in November.

In view of the high share price gains and strong price fluctuations in recent weeks, traders point to recurring speculation about possible positive news on Pelabresib. This speculation was repeatedly countered by profit-taking after the recent high price gains.

On Tuesday, the bank Morgan Stanley downgraded the Morphosys share from "overweight" to "equal-weight", but was optimistic about Pelabresib. Analyst James Quigley expects the drug to be approved in the USA at the beginning of 2025 and gives it a maximum sales potential of 750 million US dollars. In Europe, this figure is likely to be around 450 million dollars. However, Morphosys will probably have to rely on a large distribution partner from the pharmaceutical sector./bek/jha/