Mor­phic’s stock falls af­ter new da­ta sug­gest low­er-than-ex­pect­ed ef­fi­ca­cy for its ul­cer­a­tive col­i­tis pill 

Mor­phic Ther­a­peu­tic saw its shares $MORF slide by 25% Fri­day to about $38 af­ter da­ta from a small Phase IIa tri­al showed its in­flam­ma­to­ry bow­el dis­ease pill might not be bet­ter than Take­da’s En­tyvio.

The ab­stract, pub­lished for Unit­ed Eu­ro­pean Gas­troen­terol­o­gy Week, con­tained a key new da­ta point — 25.7% of the 35 pa­tients with ul­cer­a­tive col­i­tis in the open-la­bel study saw en­do­scop­ic im­prove­ment. While 40% of the pa­tients in the piv­otal tri­al for Take­da’s En­tyvio saw en­do­scop­ic im­prove­ment, the pop­u­la­tion in Mor­phic’s study was much small­er and in­clud­ed more ad­vanced pa­tients, Jef­feries an­a­lyst Michael Yee wrote in a note to in­vestors.

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