Tazeen Ahmad, an analyst from Bank of America Securities, maintained the Hold rating on Apellis Pharmaceuticals. The associated price target remains the same with $26.00.
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Tazeen Ahmad’s rating is based on a combination of factors, primarily focusing on the prospects and challenges facing Apellis Pharmaceuticals’ Empaveli. Despite the positive feedback from Dr. Beatrice Goilav, a pediatric nephrologist, regarding Empaveli’s efficacy and its potential uptake among C3G/IC-MPGN patients, there are concerns about the fragmented market and issues with payor access that could impact the drug’s launch.
Dr. Goilav’s insights suggest that while Empaveli shows superior renal efficacy and a rapid onset of action, its adoption could be limited by the small patient population and the potential for underdiagnosis. Additionally, the choice between Empaveli and other treatments like Fabhalta may depend heavily on physician preference, which adds another layer of uncertainty. These factors contribute to the Hold rating, as the market dynamics and physician preferences need further validation before a more optimistic outlook can be justified.
In another report released on August 4, Mizuho Securities also maintained a Hold rating on the stock with a $22.00 price target.