Morphosys up after better than expected Q3, 'optimistic' Pelabresib comments

Morphosys AG

16/11/2023 07:58

** Shares in Morphosys  MORG.DE  are up 2.7% in early
Frankfurt trade after the German biotech firm announced "better
then expected" Q3 results and Pelabresib and issued "optimistic"
comments on its Pelabresib drug study
    ** "Total MorphoSys revenues beat Consensus by 9%, with 60%
of the beat driven by higher Tremfya royalties," J.P. Morgan
says
    ** The broker says the announcement of the first data from
the study for the company's drug Pelabresib sounded optimistic
    ** "Today we expect the market to be reassured that the
company continues to make bullish comments about the program,
and hence we expect to see some share-price recovery, ahead of
the imminent headline readout", JPM adds
    ** US net product sales of Monjuvi - Morphosys' only
proprietary drug on the market to date - rose by five percent to
23.4 million dollars
    ** "Shares tanked lately after it said it will present Pela
data on DEC 10 at ASH meeting without any more comment", a local
trader says



($1 = 0.9230 euros)

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