Shares of biopharmaceutical company Apellis Pharmaceuticals (NASDAQ:APLS) are up nearly 32% in the pre-market session today after the company provided an update about its injection kits and concerns about the rare events of retinal vasculitis related to its eye drug, Syfovre.
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Syfovre is targeted for the treatment of geographic atrophy (GA). In the investigation into real-world safety events, the company observed internal structure variations in the 19-gauge filter included in certain kits. However, the company discovered no causal relationship between these structural variations and the rare events of retinal vasculitis.
To be extra cautious and to dispel safety concerns, Apellis has now recommended that medical practitioners discontinue the use of any kits that use the 19-gauge filter needle and instead use kits with the 18-gauge filter needle. The company is now exclusively distributing kits with the 18-gauge filter needle.
GA, an advanced form of age-related macular degeneration, is one of the leading causes of blindness globally. The disease affects over five million people across the globe.
Overall, the Street has a $73.23 consensus price target on Apellis, alongside a Moderate Buy consensus rating. Today’s price gains come after a nearly 53.3% correction in Apellis shares over the past six months.
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