ISEE Stock: Why It Significantly Increased Yesterday

By Amit Chowdhry ● Sep 11, 2021
  • The stock price of IVERIC bio Inc (NASDAQ: ISEE) increased 62.49% yesterday. This is why it happened.

The stock price of IVERIC bio Inc (NASDAQ: ISEE) increased 62.49% yesterday. Investors are responding to the disappointing results from clinical trial data associated with IVERIC bio’s rival Apellis Pharmaceuticals.

Apellis Pharmaceuticals had reported top-line results from the Phase 3 DERBY and OAKS studies evaluating intravitreal pegcetacoplan, an investigational targeted C3 therapy, in 1,258 adults with geographic atrophy (GA) secondary to age-related macular degeneration (AMD). GA is known as a leading cause of blindness that impacts more than five million people globally including one million people in the United States. Based on the results from the studies, Apellis Pharmaceuticals plans to submit a New Drug Application (NDA) for pegcetacoplan for GA to the U.S. Food and Drug Administration (FDA) in the first half of 2022.

Apellis Pharmaceuticals noted that OAKS met the primary endpoint for both monthly and every-other-month treatment with pegcetacoplan, demonstrating a significant reduction in GA lesion growth of 22% (p=0.0003) and 16% (p=0.0052), respectively, compared to pooled sham at 12 months. But DERBY did not meet the primary endpoint of GA lesion growth, showing a reduction of 12% (p=0.0528) and 11% (p=0.0750) with monthly and every-other-month treatment, respectively, compared to pooled sham at 12 months.

IVERIC Bio is developing a geographic atrophy treatment product called Zimura. So investors believed that disappointing news for Apellis Pharmaceuticals is good news for IVERIC bio. As a result of the top-line results, Zumira could become the first geographic atrophy drug to receive FDA approval.

The Motley Fool also pointed out that Iveric Bio had already reported success for Zimura in the Gather1 trial. However, the results for the Gather2 study are still pending.

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