Apellis Pharmaceuticals: Syfovre and Empaveli Outperformance Plus Pipeline Upside Support Undervalued Buy Rating and $45 Target

Apellis Pharmaceuticals, the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Phil Nadeau from TD Cowen maintained a Buy rating on the stock and has a $45.00 price target.

Phil Nadeau has given his Buy rating due to a combination of factors including Apellis’s solid commercial execution and attractive valuation relative to its growth prospects. He points to Syfovre’s quarterly sales modestly surpassing expectations, supported by growing injection volumes and sustained leadership with roughly 60% share of the geographic atrophy market. He also notes that favorable gross-to-net dynamics and the planned filing for a prefilled syringe are likely to enhance Syfovre’s competitive profile and support continued revenue expansion.

Phil Nadeau’s rating is based on additional momentum from Empaveli and the company’s advancing pipeline. Empaveli’s revenues exceeded consensus, with prescription initiations in C3G/IC-MPGN significantly outpacing management’s own guidance and quickly reaching an estimated 5% U.S. market penetration shortly after launch. He further highlights progress in the R&D portfolio, including a Phase 2 combination study of Syfovre with APL-3007 and advancement of APL-9099, which together provide longer-term upside optionality. Taken together, the current commercial trajectory of Syfovre and Empaveli, combined with pipeline catalysts, underpins his view that the shares remain undervalued and supports his $45 price target and Buy rating.