Morphosys slumps after Pela Phase III MANIFEST2 trial prelim results

Morphosys AG

21/11/2023 07:31

** Shares in MorphoSys  MORG.DE  tank 18% in early Frankfurt
trade after the German biotech firm announced preliminary
results from the Pelabresib Phase III MANIFEST2 trial 
    ** The trial succeeded in demonstrating a statistically
significant benefit in the primary endpoint, but failed to
demonstrate a statistically significant or clinically meaningful
benefit in a key secondary endpoint
    ** "MOR ADRs lost 25% in extended US trading with quite
heavy volume (450k ADRs)", a local trader says
    ** J.P. Morgan expects shares to significantly underperform
today, though for investors with sufficient risk tolerance and
patience, this could be an "attractive entry point"
    ** We continue to see a fair chance of approval on the
data-set in the intermediate risk population, and the asset
could still have blockbuster peak sales potential, which would
imply a fair value many multiples of last night's close, JPM
writes

    
    

 (Reporting by Mateusz Dobrzyniewski)
 ((Mateusz.dobrzyniewski@thomsonreuters.com))