Jefferies analyst Akash Tewari has maintained their bullish stance on APLS stock, giving a Buy rating today.
Akash Tewari has given his Buy rating due to a combination of factors surrounding Apellis Pharmaceuticals’ prospects in the C3G market. The recent FDA approval of Fabhalta for C3G in adults presents an opportunity for Apellis’ Empavelli to stand out, as Empavelli was tested in a broader patient population that includes adolescents and transplant patients, which represent a significant portion of the market. This broader applicability could allow Empavelli to capture a larger market share compared to Fabhalta, which is limited to a narrower patient group.
Furthermore, Empavelli demonstrated a substantial reduction in proteinuria, a key endpoint for approval, showing a 68% reduction compared to Fabhalta’s 35%. This significant proteinuria reduction, along with nominal statistical significance in eGFR improvement, positions Empavelli favorably. Tewari anticipates that these factors, combined with the potential for a $1 billion peak sales opportunity in the C3G and IC-MPGN markets, support a positive outlook for Apellis Pharmaceuticals, justifying the Buy rating.
APLS’s price has also changed moderately for the past six months – from $32.510 to $24.150, which is a -25.72% drop .