You may not be familiar with Morphic Holdings (NASDAQ:MORF), but shares of MORF stock are up more than 100% today. So what is behind the move? And what else do you need to know?
To start, investors should know that Morphic focuses on oral integrin drugs. Integrins are a family of proteins that are involved in the adhesion of cells (like T cells) to other cells. According to Morphic, its oral drugs that target this protein family can help transform the care for patients with chronic illnesses. Right now, the company is focusing on uses including autoimmune, cardiovascular and metabolic diseases, as well as fibrosis and cancer.
While that all sounds exciting, what is behind the spike in MORF stock today?
It turns out that one of its oral integrin drugs is progressing positively through clinical trials. Today, the company shared interim results from its Phase 1 trial for MORF-057. This is an oral small molecular inhibitor for the α4β7 integrin. Morphic is developing this drug to treat inflammatory bowel disease (IBD). Right now, the company is hoping to offer up MORF-057 as an oral treatment for patients with IBD. This would fill a current gap in treatment options.
According to the company, all cohorts who received MORF-057 in the clinical trials received it well. Participants received doses ranging from 25 milligrams to 400 milligrams. Across all dosing levels, there have been no serious adverse events or lab abnormalities. Additionally, Morphic says that early data suggest MORF-057 will be able to “maintain saturating levels of receptor occupancy following twice daily oral administration.”
So what comes next after these promising results? Morphic says it will present the full Phase 1 data later this year. From there, it will move forward with designing Phase 2 trials in ulcerative colitis and more.
What to Know About MORF Stock Today
So what else do you need to know about Morphic and MORF stock today?
Well, the interim results from the Phase 1 clinical trial were not the only update from the company today. Earlier this morning, Morphic shared its fourth-quarter and 2020 year-end results. Over the course of the year, Morphic lost $1.47 per share, down from $2.69 per share in the year prior. Its revenue also grew to $44.9 million, up from $17 million. Investors should note that this is because AbbVie (NYSE:ABBV) chose to exercise options on an integrin inhibitor program. The company also missed consensus estimates for its quarterly revenue figure.
Like many other early stage biotech companies, the risks and rewards here are large. If Morphic can deliver a new oral integrin medication that meets unmet needs, MORF stock could seriously deliver. If the company stumbles in trials, MORF stock could plummet. This means you should do your own research and make sure you know what is at stake.
At this point, MORF is a company to keep on your radar for its big moves.
On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Sarah Smith is a Web Content Producer with InvestorPlace.com.