Morphic (NASDAQ:MORF) Announces Quarterly Earnings Results

Morphic (NASDAQ:MORF) announced its quarterly earnings results on Monday. The company reported ($4.73) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.40) by ($4.33), Bloomberg Earnings reports. The business had revenue of $5.57 million for the quarter, compared to analysts’ expectations of $8.60 million.

Shares of Morphic stock opened at $23.99 on Wednesday. Morphic has a 52-week low of $15.72 and a 52-week high of $33.50.

In other news, major shareholder Holdings A/S Novo bought 666,667 shares of Morphic stock in a transaction dated Friday, June 28th. The shares were bought at an average price of $15.00 per share, for a total transaction of $10,000,005.00. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, major shareholder Fund V. Gp L.P. Omega bought 133,333 shares of Morphic stock in a transaction dated Monday, July 1st. The stock was purchased at an average price of $15.00 per share, for a total transaction of $1,999,995.00. The disclosure for this purchase can be found here. Insiders acquired a total of 833,333 shares of company stock worth $12,499,995 in the last three months.

Several equities research analysts have issued reports on the stock. Cowen reissued a “buy” rating on shares of Morphic in a report on Monday. Jefferies Financial Group assumed coverage on shares of Morphic in a report on Monday, July 22nd. They issued a “buy” rating on the stock. Wells Fargo & Co assumed coverage on shares of Morphic in a report on Monday, July 22nd. They issued an “outperform” rating on the stock. Finally, BMO Capital Markets boosted their price target on shares of Morphic from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Tuesday.

Morphic Company Profile

Morphic Holding, Inc, a biopharmaceutical company, focuses on the discovery and development of oral small-molecule integrin therapeutics. The company's lead product candidates in clinical development are MORF-720, a selective oral avb6 specific integrin inhibitor for the treatment of idiopathic pulmonary fibrosis; and a4b7 specific integrin inhibitors for the treatment of inflammatory bowel disease.

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