Morphic Holding, Inc. (MORF) Moves 22.5% Higher: Will This Strength Last?
Morphic Holding, Inc. MORF shares rallied 22.5% in the last trading session to close at $42.43. This move can be attributable to notable volume with a higher number of shares being traded than in a typical session. This compares to the stock's 17.2% loss over the past four weeks.
The rise in share price is attributable to positive investor expectations for Morphic’s lead pipeline candidate, MORF-057. Management is currently evaluating the candidate in two separate mid-stage study as a potential treatment for ulcerative colitis. Data from one of these studies is expected in second-quarter 2023.
This company is expected to post quarterly loss of $0.85 per share in its upcoming report, which represents no change from the year-ago quarter. Revenues are expected to be $2.43 million, up 2.2% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Morphic Holding, Inc., the consensus EPS estimate for the quarter has been revised 4.5% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates into price appreciation. So, make sure to keep an eye on MORF going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Morphic Holding, Inc. is part of the Zacks Medical - Biomedical and Genetics industry. Immuneering Corporation IMRX, another stock in the same industry, closed the last trading session 3.1% lower at $12.19. IMRX has returned 55.9% in the past month.
Immuneering Corporation's consensus EPS estimate for the upcoming report has remained unchanged over the past month at -$0.54. Compared to the company's year-ago EPS, this represents a change of -10.2%. Immuneering Corporation currently boasts a Zacks Rank of #3 (Hold).
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