Louis Navellier’s #1 Stock for 2022

On October 20, the man who recommended Google before anyone else will reveal his #1 stock pick for 2022 — for FREE — ticker symbol and all — in a special presentation.

Wed, October 20 at 4:00PM ET
 
 
 
 

ISEE Stock: Why Rival Eye Drug Developer’s Disappointment Is a Boon to IVERIC bio

IVERIC bio (NASDAQ:ISEE) stock is rocketing higher on Friday and there’s a couple of catalysts behind the shares’ positive movement today.

A close-up of someone's eye representing ISEE Stock.

Source: Shutterstock

First off, we have to talk about recent clinical trial results from Apellis Pharmaceuticals (NASDAQ:APLS). Apellis Pharmaceuticals is a rival eye drug developer to IVERIC bio with both seeking to treat geographic atrophy.

Apellis Pharmaceuticals has the results from its OAKS and DERBY Phase 3 clinical trials. While the OAKS trial was successful in meeting its primary endpoint, the DERBY trial wasn’t. That’s a boon to ISEE stock as it means APLS may not have as strong of a hold on the geographic atrophy market.

The second major factor affecting ISEE stock on Friday is Stifel analyst Annabel Samimy initiating coverage of the shares. This coverage starts off with a buy rating and price target of $22 per share.

To put that in perspective, the consensus rating and price target for ISEE stock is buy and $19.33 per share, respectively. The consensus rating comes from three buys. Stifel’s price target also represents a potential 153% upside for the stock, as compared to the consensus 122.4%

With today’s news, ISEE stock is experiencing incredibly heavy trading. As of this writing, more than 92 million shares of the stock have changed hands. That’s a massive surge compared to the company’s daily average trading volume of about 2.1 million shares.

ISEE stock was up 71.2% as of Friday morning.

We’ve got more hot stock market stories worth looking into below!

InvestorPlace has all the latest stock news traders need to know about with our daily coverage of the market. A few examples from today include Affirm Holdings (NASDAQ:AFRM) running higher, our pre-market stock movers list, as well as a potential Bitcoin (CCC:BTC-USD) collapse. You can learn all about these at the following links!

More Friday Stock Market News

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks. Read More: Penny Stocks — How to Profit Without Getting Scammed


Article printed from InvestorPlace Media, https://investorplace.com/2021/09/isee-stock-why-rival-eye-drug-developers-disappointment-is-a-boon-to-iveric-bio/.

©2021 InvestorPlace Media, LLC