Apellis shares tumble on reports geographic atrophy treatment issues
** Shares of Apellis Pharmaceuticals Inc APLS.O down 21.1% at $66.70 in active trading and on track for biggest one-day pct decline since Sept 2021; analysts cite doctor reports of intraocular inflammation (IOI) after treatment with its Syfovre
** Analysts say American Society of Retina Specialists (ASRS) issued press release pointing to the reports related to Syfovre, APLS' FDA-approved treatment for geographic atrophy, a form of age-related macular degeneration that leads to permanent loss of visual acquity
** Wedbush analyst Laura Chico noted that FDA adverse event reporting system revealed just one case of serious endophthalmitis/blindness through to March 2023
** Apellis said in an emailed statement that "overall real-world safety profile of SYFOVRE has been consistent with clinical studies," cites rare IOI cases (0.01% per injection) and is investigating all cases with extrenal experts
** Wedbush's Chico had written that while APLS had shipped 60,000 vials of the treatment since launch as of its Q1 update, it was unclear how many had been administered
** Chico is keeping $86 PT anticipating that the shares recover, noting "however the questions of safety could create an overhang on potential M&A."
** In April, Bloomberg had reported that APLS had drawn takeover interest from larger drugmakers, citing people with knowledge of the matter
** APLS trading volume unusually high on Monday, last at 9.3 times 10-DMA; APLS shares still up ~31% so far in 2023
(Reporting By Sinéad Carew)
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