MorphoSys’s share price was highly volatile during the reporting year. The year’s high of € 78 was reached on January 8, 2015 and the year’s low of € 52.52 was set in early November 2015. The main reason for the poor share price performance was the termination of the cooperation with Celgene. The shares closed the financial year at € 57.65, giving the Company a market capitalization of € 1.53 billion. MorphoSys’s share price performance lagged behind the performance of the benchmark indices, which increased 34 % (TecDAX) and 11 % (Nasdaq Biotechnology Index) in the 2015 financial year.
Stock Market Development
For global stock markets 2015 was a turbulent year. The DAX, Germany’s leading index, closed the year with sharp price gains for the fourth consecutive year. As in previous years, performance in Germany was supported by lower interest rates that offset the negative effects of falling oil prices and a slide in the Chinese stock market. After a six-year rally in the US Dow Jones Index that ended in 2014, US stock markets had to accept a decline in the 2015 reporting year.
MorphoSys’s investor relations activities in 2015 continued to target Europe and the USA. There continued to be tremendous interest in biotechnology shares from US investors.
Liquidity and Index Membership
In 2015, stronger interest in MorphoSys shares boosted their yearon- year average daily trading volume across all trading platforms in the regulated market to € 14.9 million (2014: € 12.0 million). The trading volume of the shares traded on the TecDAX, the index for the 30 largest technology stocks on the Frankfurt Stock Exchange, increased by almost 15 % on average. By the end of 2015, MorphoSys improved its standing in the TecDAX and was ranked 8th in terms of trading volume (year-end 2014: 9th). In terms of market capitalization, MorphoSys was ranked 10th (year-end 2014: 8th).
In addition, the average daily trading volume in MorphoSys shares on the alternative trading platforms (“dark pools”) in 2015 amounted to approximately 89,800 shares valued at € 5.8 million (2014: approx. 64,400 shares valued at € 4.6 million).
The exercise of 80,848 convertible bonds in 2015 prompted a rise in the Company’s common stock to 26,537,682 shares or € 26,537,682.00.
MorphoSys issued stock options and non-interest-bearing convertible bonds under its employee incentive program until 2010. In 2011, the Company introduced a performance-based long-term incentive (LTI) plan. The Company repurchases shares annually for this plan. A detailed description of this program can be found in the Corporate Governance Report contained in 2015 Annual Report. In April 2015, 40,425 performance shares were issued to the Management Board and the Senior Management Group under the LTI plan. Stock options were not issued to the Management Board, members of the Senior Management Group or the workforce in the reporting year.
Performance of the MorphoSys Share in 2015