Optimistic Outlook: Buy Rating on Apellis Pharmaceuticals Amid Strong Syfovre Sales and Upcoming VALIANT Trial Results

Yigal Nochomovitz, an analyst from Citi, maintained the Buy rating on Apellis Pharmaceuticals (APLS – Research Report). The associated price target is $60.00.

Yigal Nochomovitz’s rating is based on a positive assessment of Apellis Pharmaceuticals’ recent quarterly performance and expected future growth despite market reactions. In his analysis, Nochomovitz observed that Apellis’ Syfovre revenues exceeded estimates, demonstrating a robust quarter despite the competitive landscape. While there was a discrepancy in market share figures between Apellis and rival Astellas, Nochomovitz highlighted the differing metrics used by each company, which suggests that Apellis’ reported market share remains strong when considering the actual number of patients treated versus vials distributed. Despite some anticipated slow down in growth, Nochomovitz remains confident that Syfovre is on track to achieve impressive sales for the fiscal year.

Additionally, Nochomovitz considers the upcoming results from the Phase 3 VALIANT trial in mid-2024 to be a significant, yet underappreciated catalyst for the company’s stock value. With this potential development factored into his analysis, he has adjusted his target price to reflect recent financials and the discontinuation of another program within the company. Nochomovitz’s report suggests that even with these adjustments, the expectations for Apellis remain optimistic, and he has set a target price with a substantial expected share price return, leading to his Buy rating for Apellis Pharmaceuticals.

In another report released yesterday, Needham also reiterated a Buy rating on the stock with a $85.00 price target.

Based on the recent corporate insider activity of 116 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of APLS in relation to earlier this year.

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Apellis Pharmaceuticals (APLS) Company Description:

Apellis Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company, which develops novel therapeutic compounds. It develops complement immunotherapies for the treatment of complement-dependent autoimmune and inflammatory diseases through APL-2 product. The company was founded by Candace Rose Depp, Pascal Deschatelets, Cedric Francois, Alec Machiels on September 25, 2009 and is headquartered in Waltham, MA.