Morphic Therapeutic's Stock Plunges On Monday - Here's Why?
Portfolio Pulse from Vandana Singh
Morphic Therapeutic's (NASDAQ:MORF) shares plunged after the company announced new data from the Phase 2a EMERALD-1 study. The results showed that Morphic's investigational ulcerative colitis pill MORF-057 induced endoscopic improvement in 25.7% of treated patients at 12 weeks, which underwhelmed investors. The company's shares are down 38.10% at $22.72. Takeda Pharmaceutical's (NYSE:TAK) phase 3 trial showed higher rates of clinical remission and endoscopic improvement.
September 25, 2023 | 6:30 pm
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Morphic Therapeutic's shares plunged after underwhelming Phase 2a EMERALD-1 study results.
The company's shares plunged after the announcement of the Phase 2a EMERALD-1 study results, which showed that Morphic's investigational ulcerative colitis pill MORF-057 induced endoscopic improvement in 25.7% of treated patients at 12 weeks. This underwhelmed investors, leading to a drop in the company's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
Takeda Pharmaceutical's phase 3 trial showed higher rates of clinical remission and endoscopic improvement compared to Morphic Therapeutic's Phase 2a EMERALD-1 study.
Takeda Pharmaceutical's phase 3 trial was mentioned in comparison to Morphic Therapeutic's Phase 2a EMERALD-1 study. The former showed higher rates of clinical remission and endoscopic improvement, which could potentially influence investor sentiment towards Takeda. However, the direct impact on Takeda's stock price is uncertain.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50