In a report released today, Judah Frommer from Morgan Stanley maintained a Hold rating on Apellis Pharmaceuticals (APLS – Research Report), with a price target of $30.00.
Judah Frommer’s rating is based on several factors surrounding Apellis Pharmaceuticals and its prospects. The recent FDA approval of Novartis’s Fabhalta for C3G presents some competition, but its label restrictions provide an opportunity for Apellis’s Empaveli to stand out. Fabhalta’s approval is limited to adults and does not include certain patient groups, which could allow Empaveli to capture a broader market if approved.
Moreover, Empaveli has shown promising results in clinical trials, particularly in reducing proteinuria and stabilizing eGFR, which are critical factors in treating C3G and IC-MPGN. The potential approval and subsequent commercial launch of Empaveli in the second half of 2025 could unlock significant revenue opportunities for Apellis. However, the uncertainty surrounding the approval process and market dynamics leads to a cautious Hold rating, reflecting both the potential upside and the inherent risks.
In another report released today, Scotiabank also maintained a Hold rating on the stock with a $30.00 price target.
Based on the recent corporate insider activity of 77 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.