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Why Morphic Therapeutic (MORF) Stock Leapt More Than 100% Today? Here Is The Reason

MITO Stock

MITO Stock

The stock of biopharmaceutical company Morphic Therapeutic (Nasdaq: MORF) has been trading at an uptick of +104.98% to $74.12 in early trading today (10:55 a.m. EST). The price rise came following an announcement of positive results of an ongoing clinical study for the treatment of inflammatory bowel disease (IBD).

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Morphic Therapeutic focuses on the development of a new generation of orally administered oral integrin therapeutics for the treatment of serious chronic diseases. Among the treatments are those for cardiovascular disease, fibrosis, cancer, and autoimmune diseases. Utilizing its proprietary Morphic Integrin Technology (MInT) Platform, the Company plans to advance its pipeline and discovery activities with AbbVie, Janssen, and Schrödinger.

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Morphic Therapeutic has been developing an oral small molecule inhibitor of the α4β7 integrin dubbed MORF-057 for the treatment of IBD and today the company announced the positive interim results from its Phase 1 clinical trial of that inhibitor. The company shared that:

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