Morphic (NASDAQ:MORF) Posts Quarterly Earnings Results, Misses Expectations By $0.19 EPS

Morphic (NASDAQ:MORF) announced its quarterly earnings results on Thursday. The company reported ($1.15) EPS for the quarter, missing the consensus estimate of ($0.96) by ($0.19), Zacks reports.

Morphic Stock Down 0.1 %

Shares of MORF stock traded down $0.06 during trading hours on Friday, reaching $56.55. 1,406,891 shares of the company’s stock were exchanged, compared to its average volume of 5,416,917. Morphic has a fifty-two week low of $19.34 and a fifty-two week high of $62.08. The stock has a market capitalization of $2.83 billion, a P/E ratio of -16.16 and a beta of 1.50. The business has a fifty day moving average price of $37.97 and a 200-day moving average price of $34.28.

Insider Transactions at Morphic

In other news, CFO Marc Schegerin sold 43,936 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $55.80, for a total transaction of $2,451,628.80. Following the completion of the transaction, the chief financial officer now directly owns 37,907 shares in the company, valued at $2,115,210.60. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CFO Marc Schegerin sold 43,936 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $55.80, for a total transaction of $2,451,628.80. Following the completion of the transaction, the chief financial officer now directly owns 37,907 shares in the company, valued at $2,115,210.60. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, General Counsel William Devaul sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $55.79, for a total value of $557,900.00. Following the transaction, the general counsel now owns 23,029 shares of the company’s stock, valued at $1,284,787.91. The disclosure for this sale can be found here. Insiders sold a total of 125,790 shares of company stock worth $7,018,566 over the last three months. 25.60% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. TD Cowen reissued a “hold” rating on shares of Morphic in a research note on Tuesday, July 9th. Stifel Nicolaus upped their target price on Morphic from $30.00 to $57.00 and gave the stock a “hold” rating in a research report on Monday, July 22nd. BMO Capital Markets reaffirmed a “market perform” rating and set a $57.00 target price (up previously from $52.00) on shares of Morphic in a research report on Tuesday, July 9th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $57.00 target price on shares of Morphic in a research report on Friday. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $54.25.

About Morphic

Morphic Holding, Inc, a biopharmaceutical company, discovers and develops oral small-molecule integrin therapeutics for the treatment of autoimmune, cardiovascular, and metabolic diseases, as well as fibrosis and cancer. Its lead product candidate MORF-057, an a4ß7-specific integrin inhibitor affecting inflammation is in Phase 2 clinical trials for the treatment of inflammatory bowel disease.