Iveric Bio price target raised at Morgan Stanley ahead of clinical data in Q3
- Iveric Bio (NASDAQ:ISEE) garnered gains until noon trading today after Morgan Stanley raised its price target on the stock to $30 from $25 amidst favorable risk/reward ahead of Phase 3 GATHER2 Data in Q3 of 2022.
- Iveric said it expects data from a second phase 3 trial, dubbed GATHER2, of Zimura for GA in Q3 2022 and if results are positive it will file for U.S. and EU approval of of Zimura for GA.
- Quick look at company's pipeline:
- The rating agency maintains its overweight rating.
- GATHER2study has progressed ahead of expectations (completed enrollment 4mo ahead of expectations) and multiple factors provide further de-risking, including: high injection fidelity (>90%), a special protocol assessment, target validation (complement pathway), and confirmation of study population (extrafoveal patients).
- The rating firm believes any disappointing results would lead to a significant downside to the stock price.
- Of the 11 Wall Street analysts covering the stock, 7 have rated it a Strong Buy while 3 assigned it Buy rating.
- In past 1-month trading, the stock gained 6.5% while past 5-day it showed a 24.7% growth.
