B. Riley analyst Yuan Zhi raised the firm’s price target on Iveric bio to $19 from $17 and keeps a Neutral rating on the shares after the FDA accepted the Zimura application and granted priority review. Initially, the update of priority review with no FDA panel pushed Iveric shares up, which was further propelled by competitor’s Syfovre’s approval. However, following the release of Syfovre’s label, Iveric stock dropped to $21, likely due to favorable label language approved by the FDA, the analyst tells investors in a research note.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on ISEE:
- Apellis rally on approval ‘might fade,’ says Wells Fargo
- Iveric now has ‘clearer path towards approval,’ says BofA
- Iveric bio announces FDA accepts NDA for avacincaptad pegol
- Wells Fargo downgrades Apellis to Equal Weight, lowers price target to $58
- Opus Genetics acquires rights to two gene therapy candidates from Iveric bio