IVERIC Bio Inc ISEE is trading significantly higher Friday after Apellis Pharmaceuticals Inc APLS reported results from its Phase 3 DERBY and OAKS studies in geographic atrophy.
Apellis said the Phase 3 DERBY study in geographic atrophy did not meet the primary endpoint of GA lesion growth.
IVERIC Bio, a competitor to Apellis, is also working on a product to treat geographic atrophy, called Zimura.
IVERIC bio is a biopharmaceutical company focused on the discovery and development of novel treatment options for retinal diseases with significant unmet medical needs.
Analyst Assessment: Stifel initiated coverage and Credit Suisse raised its price target on IVERIC Bio following the Apellis results:
- Stifel analyst Annabel Samimy initiated coverage on IVERIC Bio with a Buy rating and announced a price target of $22.
- Credit Suisse analyst Tiago Fauth maintained IVERIC Bio with an Outperform rating and raised the price target from $15 to $18.
ISEE Price Action: IVERIC Bio is making a new 52-week high in trading today.
The stock was up 67.80% at $14.57 at time of publication.
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