Morphic Holding, Inc. (NASDAQ:MORF – Get Free Report)’s share price rose 5.6% during mid-day trading on Thursday . The stock traded as high as $27.69 and last traded at $27.63. Approximately 250,603 shares traded hands during trading, a decline of 49% from the average daily volume of 489,581 shares. The stock had previously closed at $26.16.
Morphic Price Performance
The stock has a market capitalization of $1.38 billion, a price-to-earnings ratio of -7.86 and a beta of 1.49. The firm has a 50 day simple moving average of $29.03 and a 200-day simple moving average of $31.04.
Morphic (NASDAQ:MORF – Get Free Report) last announced its earnings results on Thursday, April 25th. The company reported ($0.91) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.96) by $0.05. On average, sell-side analysts forecast that Morphic Holding, Inc. will post -4.07 earnings per share for the current fiscal year.
Hedge Funds Weigh In On Morphic
Hedge funds have recently added to or reduced their stakes in the company. Point72 Asset Management L.P. boosted its holdings in Morphic by 83.3% in the fourth quarter. Point72 Asset Management L.P. now owns 4,591,000 shares of the company’s stock valued at $132,588,000 after acquiring an additional 2,086,617 shares during the last quarter. Perceptive Advisors LLC bought a new position in Morphic in the fourth quarter valued at about $1,646,000. Rafferty Asset Management LLC boosted its holdings in Morphic by 45.7% in the fourth quarter. Rafferty Asset Management LLC now owns 202,726 shares of the company’s stock valued at $5,855,000 after acquiring an additional 63,634 shares during the last quarter. Federated Hermes Inc. boosted its holdings in Morphic by 13.1% in the fourth quarter. Federated Hermes Inc. now owns 1,000,000 shares of the company’s stock valued at $28,880,000 after acquiring an additional 115,975 shares during the last quarter. Finally, Allianz Asset Management GmbH bought a new position in Morphic in the fourth quarter valued at about $2,411,000. Institutional investors own 94.25% of the company’s stock.
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.