Iveric drives Apellis lower as Street reacts to Phase 3 data for GA candidate

Sep. 06, 2022 2:47 PM ETIVERIC bio, Inc. (ISEE)APLS, NGMBy: Dulan Lokuwithana, SA News Editor

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  • Iveric bio (NASDAQ:ISEE), have sparked volatility in rival biotechs on Tuesday after the clinical-stage company announced results from a Phase 3 trial for Zimura involving patients with eye disease geographic atrophy (GA) secondary to dry age-related macular degeneration (AMD).
  • ISEE said that the second late-stage trial for the candidate reached the primary goal, and it would submit a new drug application for Zimura by the end of Q1 2023.
  • While ISEE added over 63%, Apellis Pharmaceuticals (APLS) and NGM Biopharmaceuticals (NGM), both of which have clinical stage candidates targeted at GA, have lost more than 7% and gained nearly ~6%, respectively, in reaction.
  • With an Outperform rating on the stock, Cowen raised its price target on ISEE to $30 from $25 per share and argued that Zimura “has demonstrated efficacy in line with Apellis’s recent studies, while safety appears better.”
  • Last month, APLS shares dipped in reaction to 24-month data for its lead asset pegcetacoplan from two Phase 3 trials involving patients with GA secondary to AMD.
  • In contrast, B. Riley called the data “highly anticipated, yet disappointing” and downgraded the stock to Sell from Neutral, slashing the price target to $8 from $12 per share. The results represent “the best case scenario” for NGM’s trial in GA, the analyst added,
  • NGM is on track to report topline data from a Phase 2 trial for its GA candidate NGM621 in Q4 2022.

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