Morphic (NASDAQ:MORF) Shares Gap Up to $31.84

Morphic Holding, Inc. (NASDAQ:MORF)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $31.84, but opened at $55.80. Morphic shares last traded at $55.65, with a volume of 13,327,498 shares traded.

Morphic Stock Up 74.6 %

The business’s 50 day moving average is $29.89 and its 200-day moving average is $31.43. The firm has a market cap of $2.79 billion, a P/E ratio of -15.90 and a beta of 1.50.

Morphic (NASDAQ:MORF) last released its earnings results on Thursday, April 25th. The company reported ($0.91) earnings per share for the quarter, beating the consensus estimate of ($0.96) by $0.05. As a group, equities analysts predict that Morphic Holding, Inc. will post -4.07 earnings per share for the current year.

Hedge Funds Weigh In On Morphic

Several hedge funds and other institutional investors have recently modified their holdings of the company. DNB Asset Management AS lifted its holdings in Morphic by 9.3% in the second quarter. DNB Asset Management AS now owns 7,202 shares of the company’s stock worth $245,000 after purchasing an additional 614 shares during the period. Teachers Retirement System of The State of Kentucky lifted its holdings in Morphic by 14.8% in the first quarter. Teachers Retirement System of The State of Kentucky now owns 17,167 shares of the company’s stock worth $604,000 after purchasing an additional 2,216 shares during the period. LRI Investments LLC acquired a new stake in Morphic in the 1st quarter valued at about $35,000. Artal Group S.A. lifted its holdings in Morphic by 3.5% in the 1st quarter. Artal Group S.A. now owns 2,213,188 shares of the company’s stock valued at $77,904,000 after acquiring an additional 75,000 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its holdings in Morphic by 13.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 2,523,586 shares of the company’s stock valued at $88,831,000 after acquiring an additional 300,958 shares during the last quarter. Institutional investors and hedge funds 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.