MOR - Why Shares of MorphoSys Are Up Wednesday
2023-04-05 14:34:00 ET
Shares of MorphoSys (NASDAQ: MOR) were up more than 16% Wednesday afternoon after the biopharmaceutical company updated the trials status of the company's lead therapy. The stock is up more than 28% so far this year. The company specializes in therapies to treat cancer and autoimmune diseases.
MorphoSys announced that its phase 3 combination study of pelabresib with ruxolitinib to treat myelofibrosis had completed its enrollment earlier than expected. That meant that the top-line data from the study should come by the end of this year instead of in early 2024 as it had said previously. In the study, the combination of pelabresib and ruxolitinb is being tested for efficacy and safety versus ruxolitinib alone. Pelabresib is designed as an anti-tumor agent that inhibits bromodomain and extra-terminal domain (BET) proteins to disrupt the forming of abnormal genes in cancer. Myelofibrosis is a blood cancer where there's a buildup of scar tissue in the bone marrow and can cause anemia and spleen enlargement.
The biotech company also has one other therapy in late-stage trials, large B-cell lymphoma therapy tafasitamab, which is in a phase 2 trial as a combination therapy with Revlimid to treat relapsed or refractory diffuse large B-cell lymphoma (DLBCL),
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Why Shares of MorphoSys Are Up Wednesday