Morphic weakness attributed to posting of MORF-057 trial abstract

An abstract posted to the site of UEG Week, the United European Gastroenterology Week meeting in Copenhagen, is being attributed as the reason for weakness this morning in shares of Morphic, which are down $18.24, or 35%, to $33.16. The abstract states in part: “MORF-057 is an orally dosed small molecule designed to selectively inhibit the alpha4beta7 integrin, avoiding the need for parenteral administration. This Phase 2a open label study aimed to assess the safety, tolerability, pharmacokinetics, and efficacy of MORF-057 dosed 100 mg twice daily for induction treatment in adults with moderately to severely active ulcerative colitis, UC… Of the 35 patients in the Full Analysis Set, 31/35 (89%) completed the 12-week induction Period. The mean baseline modified Mayo score was 6.7 and the mean RHI score was 22.7. At Week 12, the primary endpoint of the study was met with a mean reduction in the RHI score of – 6.4. For the secondary endpoint of change from baseline in the modified Mayo Clinic score, a change of -2.3 points was observed. 25.7% of patients achieved mMCS clinical remission. The proportion of patients achieving a mMCS clinical response was 45.7% and endoscopic improvement was achieved in 25.7% of patients.”