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Since Friday, Morphic Therapeutic (NASDAQ:MORF) shares have plunged from $47.92 to $26.25 after the company announced the publication of an abstract discussing new EMERALD-1 phase 2a primary results at United European Gastroenterology Week.
New data from the Phase 2a EMERALD-1 study showed that Morphic Therapeutic's investigational ulcerative colitis pill MORF-057 induced endoscopic improvement. At 12 weeks, 25.7% of treated patients demonstrated endoscopic improvement; however, investors were underwhelmed.
Clinical response, measured using the modified Mayo Clinic Score (mMCS), was documented in 45.7% of participants at 12 weeks.
The UEGW data follow a prior readout from EMERALD-1, posted in April 2023, which showed that patients treated with MORF-057 saw a significant 6.4-point improvement in the Robarts Histopathology Index, a tool that measures histological disease activity in ulcerative colitis, accompanied by a 2.3-point reduction in the mMCS score.
Moreover, 25.7% of treated patients achieved clinical remission.
"Comparing the results from different trials may be unreliable due to different protocol designs, trial designs, patient selection, and populations, number of patients, trial endpoints, trial objectives, and other parameters that may not be the same between trials," according to Morphic's announcement.
The rates of clinical remission and endoscopic improvement in Takeda Pharmaceutical Co Ltd's (NYSE: TAK) phase 3 were 31.3% and 39.7%, respectively, at Week 52.
Price Action: MORF shares are down 38.10% at $22.72 on the last check Monday.
