By Ben Glickman
Shares of MorphoSys rose Monday after the company’s study of a bone-marrow cancer treatment found improvements in all four hallmarks of the disease.
The stock was up 29% to $9.07 in midday trading, reaching its highest price since January 2022. Shares have more than doubled this year.
The German cancer-treatment developer said Sunday that its Phase 3 trial of pelabresib and ruxolitinib in treating myelofibrosis significantly reduced spleen size, which is associated with patient survival.
The uncommon form of bone-marrow cancer is characterized by four hallmarks: enlarged spleen, anemia, bone marrow fibrosis and disease-associated symptoms.
The company said all hallmarks were improved by the combined therapies versus placebo plus ruxolitinib.
MorphoSys said it would meet with regulators about the data and was planning on submitting applications to U.S. and European agencies in mid-2024.
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