HomeInvesting NewsIveric Drives Apellis Lower as Street Responds to Phase 3 Results for...

Iveric Drives Apellis Lower as Street Responds to Phase 3 Results for the GA Candidate

Published on

Iveric bio (NASDAQ:ISEE)

After the clinical-stage business Iveric bio (NASDAQ:ISEE) released data from a Phase 3 trial for Zimura involving patients with the eye condition geographic atrophy (GA) secondary to dry age-related macular degeneration, it caused turbulence in competing biotechs on Tuesday (AMD).

According to Iveric, the candidate’s second late-stage study met its primary objective, and by the end of Q1 2023, a new drug application for Zimura would be submitted. While Iveric increased by more than 63%, clinical stage GA-targeted drug candidates from Apellis Pharmaceuticals (APLS) and NGM Biopharmaceuticals (NGM) have, respectively, lost more than 7% and gained over 6% as a result.

Cowen increased its price objective for Iveric from $25 to $30 per share with an Outperform rating on the stock, claiming that Zimura “has proven efficacy in line with Apellis’s recent tests, while safety appears improved.”

The 24-month data for APLS’s flagship drug, pegcetacoplan, from two Phase 3 trials involving patients with GA secondary to AMD, caused the company’s shares to decline last month.

In contrast, B. Riley downgraded the company to Sell from Neutral and lowered the price target to $8 per share from $12 per share, calling the data “very anticipated, yet disappointing.” The analyst went on to say that the outcomes represent “the best case scenario” for NGM’s GA trial. NGM is on schedule to provide topline data from a Phase 2 trial for its GA candidate NGM621 in Q4 2022.

The company’s stock soared by 41% on reports that the Zimura medication successfully treated geographic atrophy, an eye condition, in a second phase 3 trial known as GATHER2 (GA). In late-stage age-related macular degeneration (AMD), a condition that can cause visual loss, GA is a progressive macula degeneration.

NGM Biopharmaceuticals, Inc.

NGM Bio is committed to finding and creating cutting-edge, game-changing medications for patients whose health and quality of life have been impacted by illness.

Featured Image-  Megapixl @Surasakib99

Please See Disclaimer

Latest News

DWAC Stock Price Up as SPAC Switches to a PO Box at a UPS Location as Its New Address

DWAC stock price was trading at 17.52 as of 03:52 PM EDT - a...

Meta Stock Slides as Firm Tests New Account Switching, Facebook, and Instagram Navigation

Meta stock today traded at 137.37 as of 03:40 PM EDT on Sept 26 For...

The Cause of Monday’s Amazon Stock Rally

Amazon Stock (NASDAQ:AMZN) Amazon stock was up as much as 3.1% on Monday morning. The...

The Reason Why AMC Stock Is Falling Today

AMC Stock (NYSE:AMC) On Monday morning, news of the company's newly minted AMC Preferred Equity...

More like this

General Motors Stock Plummeted After Partnering With Lithion & Toledo to Boost EVS.

General Motors Stock (NYSE:GM) General Motors stock plunged after it announced that its investment arm,...

Verizon Stock Price Falls After Company Announces Aid for Puerto Rico Disaster Relief.

Verizon Stock (NYSE:VZ) Verizon stock declined after announcing it has pledged $100,000 to the American...

Alphabet Stock Rises as the Launch of New Pixel Smartphones and the Pixel Watch Are Anticipated Next Week

Alphabet stock was trading at $99.12 at 11:50 AM EDT Next week, Google (NASDAQ:GOOG) (NASDAQ:GOOGL)...

Raytheon Stock Plunged After It Said It Won a $160 Million Contract for a Dual-Band Radar.

Raytheon Stock (NYSE:RTX) Raytheon stock declined after the company announced that it had just won...

Jblu Stock up and Joins American Airlines to Defend Their Alliance in Court

JBLU stock was up, trading at 6.99 as of 10:21 AM EDT on Monday The...

Target Stock Falls as the Retailer Promised to Provide Excellent Holiday Savings and Values.

Target Stock (NYSE:TGT) To match the excitement of holiday customers, stores have started preparing for...