Pioneer Natural Resources stock surged nearly 10% in premarket trading after reports of a potential $60 billion deal with Exxon Mobil. Levi Strauss shares dropped 1.3% after cutting its full-year sales forecast due to inflation and rising costs. Philips shares fell over 8.7% following the FDA's criticism of its handling of a sleep apnea device recall. Tesla shares declined over 1% after the company reduced prices on some Model 3 and Model Y vehicles. Apellis Pharmaceuticals saw a 5.5% increase in its stock price after reporting growing sales for its Syfovre drug.
Apellis Pharmaceuticals has identified internal structural variations in the needle used to prepare syringes of its eye disease drug Syfovre as a possible cause of severe eye inflammation reported in patients. However, the company has not definitively linked the needle to the cases. Despite one additional case of the severe side effect, the overall frequency remains rare, leading to a 30% rise in Apellis shares as investors believe the safety crisis is abating.
Five elderly patients have experienced blindness in one eye after receiving injections of Apellis Pharmaceuticals' newly approved eye disease treatment, Syfovre. The cause of this severe side effect, a type of eye inflammation, is still unknown. Apellis conducted its own internal review, finding fewer cases of the severe eye inflammation, but maintains that the rate of occurrence remains very rare and there is no evidence linking the drug or its manufacturing to the side effect.
SoFi Technologies' stock is up 7% ahead of its Q2 earnings report, while Apellis Pharmaceuticals' stock rose 13% after positive results from its SYFOVRE drug.
Shares of Apellis Pharmaceuticals dropped by 20% after reports of rare but severe side effects emerged regarding their new drug, Syfovre, which is used to treat a common type of vision loss. The American Society of Retinal Specialists issued a letter to doctors warning of cases of eye inflammation, including occlusive retinal vasculitis, which can cause blindness. The side effects occurred one to two weeks after the first injection of Syfovre. Apellis stated that the real-world safety profile of the drug is consistent with clinical studies and they are investigating the cases. The drug has been approved for geographic atrophy, but concerns remain about its risk-benefit profile and potential for inflammation and infections.
Apellis Pharmaceuticals, a biotech firm focused on rare diseases and ophthalmology, is reportedly attracting takeover interest from larger drugmakers. The company is considering its options amid the interest and may also seek partnerships or licensing agreements for some of its ophthalmology products. Apellis recently received FDA approval for its treatment for an advanced eye disorder that's a leading cause of blindness, and a deal would continue a trend in health-care dealmaking that's seen large pharmaceutical companies buy safer, later-stage biotechs with approved products that can help replace revenue from blockbuster drugs going off patent.
