Morphic (NASDAQ:MORF) Releases Earnings Results, Misses Estimates By $4.33 EPS

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

MORF opened at $26.08 on Tuesday. Morphic has a 1-year low of $15.72 and a 1-year high of $33.50.

In other Morphic news, Director Timothy A. Springer acquired 33,333 shares of the stock in a transaction on Monday, July 1st. The shares were purchased at an average price of $15.00 per share, for a total transaction of $499,995.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Fund V. Gp L.P. Omega acquired 133,333 shares of the stock in a transaction on Monday, July 1st. The shares were acquired 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. In the last 90 days, insiders have acquired 833,333 shares of company stock worth $12,499,995.

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

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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