FRANKFURT (dpa-AFX Broker) – The final quarterly figures from Morphosys, with sales that were better than expected, contributed to stabilization of the title at a low price level on Thursday. In pre-market trading on Tradegate, the biotech company’s shares advanced by one percent.
Nevertheless, this is no more than a drop in the bucket, as the price collapsed by around 30 percent on Monday after disappointing study data on the Alzheimer’s drug gantenerumab. Morphosys remains “dead capital” after the Alzheimer’s flop, summed up a trader. According to the analyst James Gordon from JPMorgan, the market expectations for the fourth quarter still seem too high, and they should probably fall for the coming year as well./ajx/mis
The Morphosys share is currently trading at a plus of +1.85 % and a rate of 14.60EUR on the Tradegate exchange.