Analyst Tazeen Ahmad from Bank of America Securities reiterated a Hold rating on Apellis Pharmaceuticals and increased the price target to $26.00 from $25.00.
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Tazeen Ahmad has given his Hold rating due to a combination of factors including the steady but modest growth expectations for Apellis Pharmaceuticals’ product Syfovre. The company reported sales that were in line with expectations, and while there is growth in total injections, the increase is projected to remain in the low to mid-single digits through 2025. This suggests a stable but not overly aggressive growth trajectory.
Additionally, the recent launches in the renal disease segment, particularly with Empaveli, present potential upside, but the full impact on revenues is expected to materialize more significantly in the coming years. The initiation of pivotal studies for other indications also adds potential for future growth, but these developments are still in early stages. Given these factors, Ahmad maintains a neutral stance, awaiting more sustained growth and stabilization in free drug use before revising expectations upwards.
Ahmad covers the Healthcare sector, focusing on stocks such as Argenx Se, ACADIA Pharmaceuticals, and Incyte. According to TipRanks, Ahmad has an average return of -4.2% and a 48.68% success rate on recommended stocks.
In another report released yesterday, Goldman Sachs also maintained a Hold rating on the stock with a $26.00 price target.