MorphoSys thrives on positive Pelabresib trial results

Morphosys AG

11/12/2023 07:37

** Shares in MorphoSys  MORG.DE  jump 9.1% in pre-market
trade after the German biotech firm said its Pelabresib drug
improved standard treatment of myelofibrosis in a phase 3
MANIFEST-2 study
    ** Pelabresib improved all four hallmarks of myelofibrosis -
a rare malignant disease of the bone marrow - when used in
combination with JAK inhibitor ruxolitinib, the company says
    ** Preliminary results from the same study had sent the
shares on a "rollercoaster", a local trader comments
    ** The shares tanked over 20% on Nov. 21 after the
preliminary results failed to demonstrate a statistically
significant or clinically meaningful benefit in a key secondary
endpoint, even as it succeeded in the primary one
    ** However, it quickly regained those losses and as of last
Friday traded nearly 16% above the closing price of Nov. 20

 (Reporting by Anastasiia Kozlova)
 ((Anastasiia.Kozlova@thomsonreuters.com))