Why Is MorphoSys Stock Down 20% Today?
$MorphoSys(MOR.US$ stock is falling hard on Tuesday after the company released data from a Phase 3 clinical trial of pelabresib.
The study evaluated pelabresib as a treatment for myelofibrosis in combination with ruxolitinib. It included patients treated with these two drugs as well as a placebo arm just treated with ruxolitinib.
The results from the clinical trial saw pelabresib meet its primary endpoint. There was also statistical significance observed for its secondary endpoints and no additional adverse effects showed up during the study.
Despite the positive clinical trial news, shares of MOR stock are falling today alongside heavy trading. That has roughly 1 million shares changing hands as of this writing. To put that in perspective, the company’s daily average trading volume is closer to 312,000 shares.
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Amp : Seems like a senseless sell-off and a no-brainer buy and hold. Your thoughts?