Why MorphoSys Shares Are Trading Higher Today

MorphoSys MOR shares are trading higher on Wednesday after the company announced the completion of enrollment for its Phase 3 MANIFEST-2 study exploring the efficacy and safety of pelabresib.

MANIFEST-2 is the company's ongoing Phase 3 study exploring the efficacy and safety of pelabresib in combination with ruxolitinib, versus ruxolitinib alone, in patients with myelofibrosis who have not previously been treated with a JAK inhibitor.

The company said the topline data are now expected by the end of 2023, which is earlier than previously it anticipated.

Myelofibrosis is a type of blood cancer that belongs to a group of diseases called myeloproliferative disorders. It is known to be difficult to treat and has limited treatment options available. JAK inhibitors are currently the standard of care treatment for myelofibrosis, but they only focus on relieving symptoms of the disease rather than treating its underlying cause.

“Now that MANIFEST-2 has completed enrollment earlier than anticipated, we look forward to the coming insights into the therapeutic potential of pelabresib in combination with ruxolitinib for JAK inhibitor-naïve patients with myelofibrosis,” said Tim Demuth, M.D., Ph.D., Chief R&D Officer, MorphoSys.

MorphoSys AG is a biopharmaceutical company founded in 1992.

MOR Price Action: MorphoSys has a 52-week high of $7.48 and a 52-week low of $3.5.

MorphoSys shares are down 26.8% at $5.89 at the time of writing, according to Benzinga Pro.