Shares of APLS stock experienced a significant boost on Wednesday after Apellis Pharmaceuticals identified a potential cause for eye inflammation in patients receiving its new injection, Syfovre. The company discovered “internal structural variations” in the 19-gauge filter needle used to withdraw the medication from the vial. While Apellis has not established a direct link between the larger needle and retinal vasculitis, it advised doctors to discard injection kits containing the 19-gauge needle and opt for those with the 18-gauge needle. The stock market responded positively to this news, with APLS stock soaring 30.2% to close at 40.04.
Eight cases of retinal vasculitis were reported in Syfovre recipients following their initial injection. The outcomes varied, with one patient remaining stable, two patients recovering nearly back to baseline, two experiencing severe vision impairment, and three cases still pending. While the incidence of retinal vasculitis stands at 0.01% of injections, Apellis distributed over 100,000 vials of the drug, prompting further investigation. Wedbush analyst Laura Chico expressed caution, noting that the number of first-time injections remains unknown. Chico maintained a neutral rating and a price target of 29 on APLS stock.
In conclusion, Apellis Pharmaceuticals experienced a surge in APLS stock after identifying a potential cause for eye inflammation in patients receiving its Syfovre injection. The company found structural variations in the needle used to withdraw the medication, although a direct link to retinal vasculitis has not been fully established. As a precautionary measure, Apellis advised doctors to use injection kits containing a different needle size. While the reported cases of retinal vasculitis remained relatively low, further investigation is needed to determine the exact connection. Analyst Laura Chico highlighted the uncertainty around the number of first-time injections.