After winning FDA’s priority review for its lead candidate pegcetacoplan in geographic atrophy (GA) secondary to age-related macular degeneration (AMD), the commercial-stage biotech Apellis Pharmaceuticals ( APLS ) has rallied its rivals targeting the eye disease.
Notable gainers include IVERIC bio ( NASDAQ: ISEE ) and NGM Biopharmaceuticals ( NGM ), both of which have mid-to-late-stage candidates for the indication.
“A quick and clean path to approval for Apellis bodes well for Iveric’s path, as well,” Baird analyst Colleen Kusy wrote, referring to IVERIC’s ( ISEE ) candidate Zimura which is in late-stage studies for GA secondary to AMD.
“Apellis is the first sponsor to navigate a regulatory submission for the treatment of GA, and thus we think there is important read-through to Iveric, whose program is roughly one year behind Apellis’” Kusy, who has Outperform ratings on the stocks, argued.
IVERIC ( ISEE ) expects late-stage data from a second Phase 3 trial for Zimura in 3Q 2022, an event that prompted Morgan Stanley to raise its price target on the stock early this month.
Meanwhile, NGM Biopharma ( NGM ) has obtained FDA’s Fast Track designation for NGM621, its candidate for GA secondary to AMD. The company has completed enrollment for a Phase 2 trial of NGM621, which was designed to be a Phase 3- supportive or -enabling clinical trial.
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Iveric Bio, NGM gain as Apellis wins priority review for GA candidate