Analyst Judah Frommer of Morgan Stanley maintained a Hold rating on Apellis Pharmaceuticals (APLS – Research Report), retaining the price target of $30.00.
Judah Frommer has given his Hold rating due to a combination of factors impacting Apellis Pharmaceuticals. The recent financial performance of a competitor, Astellas, showed a sequential decrease in revenue for their product Izervay, which could be attributed to a label update following a CRL. This situation highlights the challenges in the market, as Izervay’s demand returned to an upward trend only after the label change.
Apellis faces similar market dynamics, with factors such as Medicare reverifications, weather, inventory issues, and funding gaps at copay assistance organizations potentially affecting their product Syfovre’s revenue. Despite some tailwinds from Izervay’s disruption, the overall growth in the geographic atrophy market appears measured, making it challenging to anticipate a rapid increase in sales. The upcoming Apellis Q1 update is expected to provide further insights into these market dynamics.
In another report released on April 25, Wells Fargo also maintained a Hold rating on the stock with a $30.00 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 .