Apellis Pharmaceuticals Stock Upgrade: Sales of Syfovre Eye Medication Exceed Expectations

By Don Francis, Editor
September 16, 2023 11:21 AM UTC
Apellis Pharmaceuticals Stock Upgrade: Sales of Syfovre Eye Medication Exceed Expectations

Wells Fargo's Derek Archila upgraded their rating on Apellis Pharmaceuticals (NASDAQ: APLS) from Hold to Strong Buy on 2023/09/15. The analyst also raised their price target by 88.2% from $34 to $64.

According to Archila, buying Apellis Pharmaceuticals' stock ahead of the release of the company's Q3 2023 earnings report on 2023/11/06 offers a favorable risk/reward. The analyst believes that sales of the company's Syfovre eye medication are on track to exceed expectations. Archila also mentioned that the upcoming implementation of Syfovre's Medicare billing "J-code" in 2023/10 and the subsequent stabilization of retinal vasculitis rates will speed up utilization.

It is worth noting that 100% of top-rated analysts currently rate APLS as a Strong Buy or Buy, with no analysts seeing it as a Hold. Additionally, no analysts recommend or strongly recommend selling the stock.

However, APLS has experienced a decline in its stock price since its last quarterly report on 2023/06/30. The stock price is down 51.2% since then and down 31.4% year-over-year. During this period, APLS has been trailing behind the S&P 500, which is down 14.1%.

Derek Archila, the Wells Fargo analyst who upgraded the rating on APLS, is highly regarded in the industry. WallStreetZen ranks Archila in the top 1% out of 4,329 Wall Street analysts. With an average return of 43.4% and a 52.1% win rate, Archila specializes in the Energy and Healthcare sectors.

Apellis Pharmaceuticals, Inc. is a commercial-stage biopharmaceutical company focused on the discovery, development, and commercialization of therapeutic compounds for autoimmune and inflammatory diseases. Its lead product candidate is pegcetacoplan, currently in Phase III clinical trials for the treatment of geographic atrophy in age-related macular degeneration and paroxysmal nocturnal hemoglobinuria diseases. The company also develops other therapies for various conditions, such as cold agglutinin disease, C3 glomerulopathy, immune complex membranoproliferative glomerulonephritis, and amyotrophic lateral sclerosis.

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