IVERIC bio, Inc., a biopharmaceutical company, discovers and develops novel treatments for retinal diseases with a focus on age-related and orphan inherited retinal diseases (IRDs). The company develops Zimura, an inhibitor of complement factor C5 comprising GATHER1, which has completed Phase 2/3 clinical trial; and GATHER2 that is in Phase 3 clinical trial for the treatment of geographic atrophy (GA) secondary to dry age-related macular degeneration (AMD). It also develops STAR or OPH2005 that is in Phase 2b clinical trial for the treatment of leber congenital amaurosis type 10 (LCA10) and autosomal recessive stargardt disease (STGD1); IC-500, a high temperature requirement A serine peptidase 1 protein inhibitors for the treatment of GA and other age-related retinal diseases; IC-100 for the treatment of rhodopsin-mediated autosomal dominant retinitis pigmentosa; and IC-200 for the treatment of IRDs associated with mutations in the BEST1 gene. In addition, the company develops OPH2001 that has completed Phase 1/2a clinical trial of various doses of Zimura monotherapy for the treatment of GA; OPH2000, which has completed Phase 1/2a clinical trial of various doses of Zimura administered in combination with Lucentis for the treatment of wet AMD; OPH2007 that has completed Phase 2a clinical trial for the treatment of wet AMD; and OPH2002, which has completed Phase 2a clinical trial for the treatment of idiopathic polypoidal choroidal vasculopathy. Its discovery and research programs include miniCEP290 program for LCA10; miniABCA4 Program for STGD1; and miniUSH2A Program for usher syndrome type 2A-Related IRDs. The company was formerly known as Ophthotech Corporation and changed its name to IVERIC bio, Inc. in April 2019. The company was incorporated in 2007 and is based in Parsippany, New Jersey.
Analyst Upgrades and Downgrades
Several equities analysts have issued reports on the company. Stifel Nicolaus boosted their target price on IVERIC bio from $22.00 to $28.00 in a research report on Wednesday, May 4th. Guggenheim assumed coverage on shares of IVERIC bio in a research report on Wednesday, June 8th. They set a "buy" rating and a $30.00 price target for the company. Morgan Stanley upped their target price on shares of IVERIC bio from $25.00 to $30.00 and gave the company an "overweight" rating in a research note on Thursday, July 7th. Credit Suisse Group boosted their target price on shares of IVERIC bio to $24.00 in a research note on Friday, May 20th. Finally, Bank of America initiated coverage on IVERIC bio in a research report on Wednesday, June 8th. They issued a "buy" rating and a $18.00 target price for the company. One research analyst has rated the stock with a sell rating, one has issued a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat, IVERIC bio presently has a consensus rating of "Moderate Buy" and a consensus target price of $24.20.
IVERIC bio Price Performance
IVERIC bio stock traded up $0.29 during mid-day trading on Monday, reaching $13.10. 93,418 shares of the stock traded hands, compared to its average volume of 1,780,960. The stock has a market capitalization of $1.55 billion, a PE ratio of -10.50 and a beta of 1.52. IVERIC bio has a 12-month low of $8.37 and a 12-month high of $19.34. The business's 50-day moving average is $10.64 and its 200-day moving average is $13.19.
IVERIC bio (NASDAQ:ISEE - Get Rating) last posted its quarterly earnings data on Tuesday, July 26th. The company reported ($0.41) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.31) by ($0.10). During the same quarter last year, the company earned ($0.32) earnings per share. Equities analysts anticipate that IVERIC bio will post -1.49 EPS for the current fiscal year.
Insider Activity
In related news, Director Calvin W. Roberts purchased 25,000 shares of the business's stock in a transaction dated Monday, June 13th. The shares were acquired at an average cost of $9.62 per share, for a total transaction of $240,500.00. Following the acquisition, the director now owns 32,500 shares of the company's stock, valued at approximately $312,650. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, SVP Christopher Paul Simms sold 12,272 shares of the business's stock in a transaction dated Wednesday, August 3rd. The stock was sold at an average price of $11.25, for a total value of $138,060.00. Following the completion of the transaction, the senior vice president now owns 28,547 shares of the company's stock, valued at approximately $321,153.75. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Calvin W. Roberts acquired 25,000 shares of the business's stock in a transaction on Monday, June 13th. The shares were purchased at an average price of $9.62 per share, with a total value of $240,500.00. Following the completion of the purchase, the director now owns 32,500 shares in the company, valued at approximately $312,650. The disclosure for this purchase can be found here. Company insiders own 2.70% of the company's stock.
