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Why Are IVERIC Bio Shares Surging Over 60%?

Shares of IVERIC bio, Inc. (ISEE) surged over 60% on Friday morning despite no statement from the company to drive the shares. However, IVERIC's stock must have benefited from the news that its rival, Apellis Pharmaceuticals' (APLS) Phase 3 study of eye disease treatment failed to meet its primary endpoint.

ISEE is currently trading at $14.02, up $5.33 or 61.33%, on the Nasdaq, while APLS is currently trading at $31.46, down $24.15 or 43.43%.

IVERIC bio is a biopharmaceutical company that develops novel therapies to treat ophthalmic diseases with a focus on age-related and orphan inherited retinal diseases.

Apellis Pharmaceuticals announced that DERBY study of Pegcetacoplan for geographic atrophy or GA failed to meet the primary endpoint.

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