William Blair analyst Lachlan Hanbury Brown has maintained their bullish stance on APLS stock, giving a Buy rating on March 21.
Lachlan Hanbury Brown has given his Buy rating due to a combination of factors that highlight the promising outlook for Apellis Pharmaceuticals. The FDA’s acceptance of the supplemental NDA for Empaveli, with a priority review and a PDUFA date set for July 28, is a significant milestone. The Phase III VALIANT study results were impressive, showing a substantial reduction in proteinuria and stabilization of kidney function, which supports the potential approval of Empaveli for C3G/IC-MPGN.
Moreover, the recent approval of a similar treatment, Fabhalta, enhances the likelihood of Empaveli’s approval, especially given its demonstrated efficacy in a broader patient population. The anticipated launch in the third quarter, coupled with the unmet medical need and the drug’s efficacy, presents a significant opportunity. Additionally, Apellis’s valuation appears attractive, with its enterprise value trading below the median of other midcap companies, further supporting the Buy recommendation.