Apellis Pharmaceuticals stock surges after investigation finds needles are potential cause of injection side effect

Apellis Pharmaceuticals Inc. shares
APLS,
+30.62%
jumped 30% premarket on Wednesday after the company identified a potential cause for a rare but serious side effect linked with its Syfovre injection for age-related macular degeneration. Structural variations were found in a certain filter needle used to withdraw treatment from the vial when preparing the injection, the company said in a release late Tuesday. Although a causal relationship has not been established between those needles and the reported cases of retinal vasculitis, or inflammation of the retinal vessels, Apellis recommended that practitioners use a different type of needle already in distribution. Eight confirmed cases of retinal vasculitis have been linked with Syfovre, the company said. Two of those patients “have severe vision impairment which is unlikely to be resolved,” the company said. Apellis shares are down 40.5% in the year to date, while the S&P 500
SPX,
+0.80%
has gained 14.3%.