In a report released on April 25, Derek Archila from Wells Fargo maintained a Hold rating on Apellis Pharmaceuticals (APLS – Research Report), with a price target of $30.00.
Derek Archila’s rating is based on several considerations regarding Apellis Pharmaceuticals’ market position and competitive dynamics. A significant factor is the competitive pressure from Astellas’ Izervay, which has captured a substantial portion of new patient starts, indicating a shift in market share that could be challenging for Apellis’ Syfovre. This shift suggests that any gains made by Syfovre in previous quarters might be temporary.
Additionally, Astellas’ optimistic revenue guidance for Izervay, coupled with its growth momentum, poses a potential headwind for Syfovre’s future growth. Given these market dynamics and the challenges highlighted by Apellis’ management, such as higher sampling and funding gaps, Archila remains cautious about Syfovre’s growth prospects. Therefore, he has opted for a Hold rating, reflecting the need for further observation of market stabilization and competitive impacts before making a more definitive investment recommendation.
In another report released on April 21, RBC Capital also maintained a Hold rating on the stock with a $21.00 price target.
APLS’s price has also changed moderately for the past six months – from $26.680 to $17.490, which is a -34.45% drop .