ALPMY - Why Apellis Pharmaceuticals TG Therapeutics and Viking Therapeutics Were on the Move Today
2023-05-01 16:28:20 ET
With earnings season in full swing, biotechnology stocks were volatile today.
Apellis Pharmaceuticals' (NASDAQ: APLS) stock, for instance, dipped by as much as 8.5% in early-morning trading Monday before rallying in the afternoon session. Apellis' shares ultimately ended the day down by a far more modest 1.80%. By contrast, TG Therapeutics (NASDAQ: TGTX) shares climbed by 23.4% today on heavy volume, printing a fresh 52-week high in the process. Viking Therapeutics (NASDAQ: VKTX) also joined the bull parade today, with its stock first rising by 7% in the early portion of Monday's session before cooling off to finish up by approximately 3.8%.
What drove these hefty price swings in these three biotech stocks today? Apellis appears to have been negatively impacted by the $5.9 billion buyout of Iveric (NASDAQ: ISEE) by Astellas Pharma (OTC: ALPMY) over the weekend. Iveric currently has an experimental geographic atrophy (GA) drug known as avacincaptad pegol under review with the Food and Drug Administration (FDA). GA is an advanced form of age-related macular degeneration that frequently results in total vision loss over time.
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Why Apellis Pharmaceuticals, TG Therapeutics, and Viking Therapeutics Were on the Move Today