Why IVERIC Bio Shares Are Soaring Today

Why IVERIC Bio Shares Are Soaring Today

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.

Photo: Gerd Altmann from Pixabay.

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