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

Morphic (NASDAQ:MORF) announced its quarterly earnings data on Thursday. The company reported ($1.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.96) by ($0.19), Zacks reports.

Morphic Stock Down 0.1 %

MORF stock traded down $0.06 during midday trading on Friday, hitting $56.55. The company’s stock had a trading volume of 1,406,891 shares, compared to its average volume of 5,416,917. The firm has a market capitalization of $2.83 billion, a price-to-earnings ratio of -16.16 and a beta of 1.50. Morphic has a 12 month low of $19.34 and a 12 month high of $62.08. The company has a 50 day moving average of $37.97 and a two-hundred day moving average of $34.28.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on MORF. BMO Capital Markets reiterated a “market perform” rating and set a $57.00 price objective (up from $52.00) on shares of Morphic in a research note on Tuesday, July 9th. Royal Bank of Canada reiterated a “sector perform” rating and set a $57.00 price objective on shares of Morphic in a research note on Friday. Stifel Nicolaus boosted their price objective on Morphic from $30.00 to $57.00 and gave the company a “hold” rating in a research note on Monday, July 22nd. Finally, TD Cowen restated a “hold” rating on shares of Morphic in a research note on Tuesday, July 9th. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Morphic has an average rating of “Hold” and a consensus price target of $54.25.

Insider Activity

In other news, CFO Marc Schegerin sold 43,936 shares of the 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 approximately $2,115,210.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO Marc Schegerin sold 43,936 shares of the 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 approximately $2,115,210.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, General Counsel William Devaul sold 10,000 shares of the stock in a transaction on Monday, July 8th. The shares were sold at an average price of $55.79, for a total value of $557,900.00. Following the sale, the general counsel now owns 23,029 shares in the company, valued at approximately $1,284,787.91. The disclosure for this sale can be found here. In the last ninety days, insiders sold 125,790 shares of company stock worth $7,018,566. 25.60% of the stock is currently owned by insiders.

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.