Akash Tewari, an analyst from Jefferies, maintained the Buy rating on Apellis Pharmaceuticals (APLS – Research Report). The associated price target remains the same with $57.00.
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Akash Tewari’s rating is based on the recent FDA approval of Izervay without a limitation on dosing duration, which was anticipated by the market and aligns with the company’s expectations. This approval removes a previous constraint and enhances the potential market position of Apellis Pharmaceuticals, despite the absence of every-other-month dosing on the label.
Furthermore, the analyst notes that certain Medicare Advantage plans are already favoring Syfovre over Izervay, which could offer near-term opportunities for Apellis as insurance policies are updated. The management’s confidence in the efficacy of their product and the anticipated revenue from Syfovre supports the Buy rating. The longer-term outlook remains positive as Apellis navigates the evolving market dynamics.
In another report released today, Oppenheimer also reiterated a Buy rating on the stock with a $42.00 price target.
Based on the recent corporate insider activity of 80 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.