Analyst Joseph Stringer from Needham maintained a Buy rating on Apellis Pharmaceuticals and keeping the price target at $29.00.
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Joseph Stringer has given his Buy rating due to a combination of factors including the recent FDA approval of Apellis Pharmaceuticals’ drug Empaveli (pegcetacoplan) for the treatment of two rare kidney diseases, C3 glomerulopathy (C3G) and primary immune complex membranoproliferative glomerulonephritis (IC-MPGN). This approval was based on positive results from the Phase 3 VALIANT study, which demonstrated significant benefits such as reduction in proteinuria and stabilization of kidney function.
Furthermore, the financial projections for Empaveli are promising, with an expected U.S. revenue of $10 million in 2025 and a substantial increase to $565 million by 2034. These projections, although slightly below consensus estimates, support a positive outlook for the company’s financial performance. The valuation model assigns a price target of $29 per share, with $6 per share attributed to Empaveli’s potential in treating C3G/IC-MPGN, reinforcing the Buy recommendation.
According to TipRanks, Stringer is a 4-star analyst with an average return of 6.1% and a 42.69% success rate. Stringer covers the Healthcare sector, focusing on stocks such as Cidara Therapeutics, Gilead Sciences, and Vir Biotechnology.
In another report released today, Citi also maintained a Buy rating on the stock with a $46.00 price target.