Why Morphic Holding Stock Is Skyrocketing Today
Shares of Morphic Holding (NASDAQ: MORF) are soaring through the roof on Monday, following the company's release of its fourth-quarter and full-year 2020 earnings report. More important than its financial results, the biopharmaceutical company announced results from a clinical trial and other developments regarding collaboration agreements with big-name drugmakers. As of 12:50 p.m. EST, Morphic Holding's stock was up by 130.8%.
Morphic Holding reported interim data from a phase 1 clinical trial for MORF-057, a potential medicine for inflammatory bowel disease (IBD). The trial was to test the safety, pharmacokinetics (the way the body processes the treatment), and pharmacodynamic (the way the drug affects the body) of MORF-057 in healthy participants. During the study, the drug was generally well tolerated with no recorded serious adverse events.
It also showed a "proportional and predictable pharmacokinetic profile" during the trial, according to Morphic Holding. Meanwhile, the company's long-standing partnership with pharma giant AbbVie is moving forward. Under the collaboration agreement between these two entities, which started more than two years ago, AbbVie initially paid $100 million up front to Morphic to acquire exclusive license options for some of Morphic's candidates.
Source Fool.com
