Iveric Bio (ISEE) PT Raised to $30 at Jefferies

Jefferies analyst Chris Howerton raised the price target on Iveric Bio (NASDAQ: ISEE) to $30.00 (from $27.00) while maintaining a Buy rating following positive Zimura data.

The analyst commented, "GATHER2 showed favorable safety for Zimura but lower efficacy than GATHER1. The two Ph3 trials combined no longer demonstrate clear superiority over APLS's Pegcetacoplan in extrafoveal GA, but will deliver an approval. Good safety could compel earlier use, and LT preservation of visual acuity could be a cont'd differentiator at 24M data. We slightly increase our PT on higher regulatory PoS but reduce projected uptake on lower clin confidence."

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