Benzinga | Sep 10, 2021 07:36PM EDT

Why IVERIC Bio Shares Are Soaring Today

IVERIC Bio Inc (NASDAQ:ISEE) is trading significantly higher Friday after Apellis Pharmaceuticals Inc (NASDAQ: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.