Apellis Pharmaceuticals: A Strong Buy on Syfovre’s Performance and Market Potential

J.P. Morgan analyst Anupam Rama has reiterated their bullish stance on APLS stock, giving a Buy rating on May 13.

Anupam Rama’s rating is based on the promising performance and potential of Apellis Pharmaceuticals, particularly with its flagship product, Syfovre. The company has shown steady double-digit account growth each week since the launch of Syfovre, indicating robust demand. Despite the attention on near-term share dynamics between Syfovre and its competitor Izervay, the upcoming regulatory decision for Izervay in November 2024 is seen by Rama as a significant event to determine long-term market dynamics. In his view, Syfovre’s potential in geographic atrophy (GA) within the US market and the possibility of positive outcomes from the VALIANT trial for pipeline expansion contribute to the company’s strong prospects.

Moreover, Apellis has demonstrated the best metrics since Syfovre’s launch in the first quarter of 2024, with particularly strong performance in January and March. The company’s confidence is bolstered by four main pillars: Syfovre’s proven efficacy, a well-established safety profile, flexible dosing, and a comprehensive data set that together form a solid foundation for continued growth. Additionally, Apellis’s financial position has improved with the announcement of a new credit facility, which eases the company’s financial commitments and allows more time for Syfovre’s market establishment. These factors collectively inform Rama’s Buy rating, reflecting confidence in Apellis’s growth trajectory and financial stability.

In another report released on May 13, Citi also maintained a Buy rating on the stock with a $60.00 price target.

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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.