JPMorgan says Apellis retinal vasculitis events rare, stays Overweight

JPMorgan analyst Anupam Rama spoke to Apellis Pharmaceuticals after the American Society of Retina Specialists’ Research and Safety in Therapeutics Committee reported six cases of intraocular inflammation with retinal vasculitis for Syfovre patients. The firm says that while these individual cases are still being investigated, it is comforted by the overall rarity of these events with incidence estimated to be one out of 10,000 as the letter noted 60,000 vials have been distributed since approval. In addition, these events have been shared with the FDA with no major concerns raised, the analyst tells investors in a research note. JPMorgan adds that the occurrences are not even close to the rates of Beovu’s retinal vasculitis and that low rates are common with other VEGFs. Net-net, it sees the ASRS communication as more of a “prudent reminder” to physicians to use guidelines / safety monitoring versus a major safety concern emerging. The firm reiterates an Overweight rating on Apellis for the Syfovre launch dynamics and strategic value of the asset.