Apellis Pharmaceuticals: European Aspaveli Validation and Growing U.S. C3G/IC-MPGN Traction Underpin Buy Rating

William Blair analyst Lachlan Hanbury Brown has maintained their bullish stance on APLS stock, giving a Buy rating on January 14.

Lachlan Hanbury Brown has given his Buy rating due to a combination of factors that strengthen Apellis Pharmaceuticals’ strategic and commercial outlook. He views the recent European Commission approval of Aspaveli for C3G and IC-MPGN, though only modestly accretive near term (aside from a milestone payment), as an important validation of the drug’s clinical profile and a meaningful enhancement of its global positioning. The approval, based on robust Phase III VALIANT data and addressing an underserved patient population with high unmet need, expands Aspaveli’s presence in Europe and reinforces Apellis’s leadership in complement-mediated diseases.

At the same time, he emphasizes that the primary value driver remains the U.S. opportunity, where the Empaveli launch in C3G/IC-MPGN is showing encouraging early uptake. This growing U.S. traction, combined with the expanding international footprint through the Sobi partnership, supports a favorable long-term revenue trajectory despite limited immediate financial impact from Europe after the royalty repurchase. Additionally, ongoing visibility and updates around Syfovre are expected to further augment Apellis’s growth profile. Taken together, these elements underpin his constructive view on the company’s fundamentals and justify maintaining a Buy rating on the shares.

Hanbury Brown covers the Healthcare sector, focusing on stocks such as Apellis Pharmaceuticals, LENZ Therapeutics, and ARS Pharmaceuticals. According to TipRanks, Hanbury Brown has an average return of 24.6% and a 60.00% success rate on recommended stocks.

In another report released on January 14, Stifel Nicolaus also reiterated a Buy rating on the stock with a $48.00 price target.