2023-07-18 12:50:52 ET
After closing down ~23% Monday from its opening price that day, Apellis Pharmaceuticals ( NASDAQ: APLS ) is off another 25% in Tuesday afternoon trading.
The biopharma is still reeling from the aftermath of reports of significant eye inflammation seen with its geographic atrophy treatment Syfovre (pegcetacoplan) .
The American Society of Retinal Specialists and the company are aware of six cases of retinal vasculitis, which can lead to blindness.
In a note, Citi analyst Tazeen Ahmed said her team spoke with management and they believe the issue is not related to the drug itself but in preparation for administration. Management added they don't see a recall coming.
Ahmed, who is maintaining her buy rating on the stock, added that Novartis' ( NVS ) Beovu (brolucizumab), which is approved for wet age-related macular degeneration and diabetic macular edema, also had reports of vascular side effects early in its launch. However, according to Ahmad, the vasculitis rate seen with Syfovre so far is less than than seen early on with Beovu.
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Apellis down another 25% on eye inflammation concern with drug