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.
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