Apellis Pharmaceuticals Inc (NASDAQ:APLS) investors enjoyed some financial schadenfreude, with its stock rising over 9% in early deals after rival Astellas Pharma Inc. failed in a trial of an intended treatment for age-related macular degeneration.
The failure faced by Japanese biopharma leaves the market opportunity open for Apellis, which has been having its own clinical challenges.
Last month, Apellis got a share price boost after it updated investors regarding an ongoing safety review of injection kits used with SYFOVRE, the company's treatment for eye disease.
A review was previously launched after reports of rare side effects—a form of eye inflammation known as retinal vasculitis. It added that issues had been identified regarding the use of 19-gauge filter needles in certain injection kits and that the company recommends the use of 18-gauge filter needles.
The market evidently has taken the update as good news, though the review process is continuing.
In New York, Apellis stock was up around 6% as the main share trading session began trading, to change hands at $49.82.
Earlier today, Astellas stock was down 1.2% at 2,198 Yen.