AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Source: Horoscope, Shutterstock
Summary
- Stocks of Morphic more than doubled on Monday as the company announced multiple positive reports along with a strong revenue on a year-over-year basis.
- The biopharma stock is up 437 per cent in one year.
- The company has been expanding its collaborations across the industry including a Johnson & Johnson subsidiary, Janssen Pharmaceuticals and AbbVie.
Stocks of biopharmaceutical company Morphic Holding Inc (MORF:US or NASDAQ: MORF) skyrocketed as much as 134.65 per cent on Monday after reporting positive results from its preliminary studies of advanced oral integrin therapies for chronic ailments.
On top of that, the US-based company posted US$ 44.9-million revenue for the full year 2020, almost three times up from US$ 17.0-million revenue in 2019. The surge was primarily led by its biopharma partner AbbVie’s US$20-million option exercise in Q3 2020 for acquiring integrin inhibitors.
The company actively spent on its research and development (R&D) last year leading to total expense of US$ 73.6 million, as against US$ 53.7 million in 2019.
Let us delve into this biopharma stock’s performance:
Morphic Holding Inc (MORF:US or NASDAQ: MORF)
The company has expanded its partnership with a Johnson & Johnson subsidiary, Janssen Pharmaceuticals, which also develops integrin therapeutics.
Its partner AbbVie has already provided funding worth US$ 100 million for acquiring patents for its integrin inhibitor-based therapies. Morphic held cash, cash equivalents, and securities of US$228.3 million as of December 31, 2020.
Its stock grew by approximately 437 per cent in a year. Almost 13 million shares traded yesterday.
Source: Copyright © 2021 Kalkine Media Pty Ltd.
The market cap more than doubled to US$ 2.64 million on March 1, with a positive price-to-book ratio of 20.251. It has grown 152 per cent year-to-date (YTD).
The stock also touched its 52-week high of US$ 93 per common share on Monday and ended its trading session at US$ 84.85 per piece. It has gained over 757 per cent compared to its 52-week low of US$ 9.9 per share.
Morphic’s Outlook
The company’s multiple partnerships are progressing its pipeline and research operations using its labeled MInT technology system that powers its unique integrin structure-based therapies. The biopharma firm holds sufficient working capital to fund its R&D through 2023.
