BofA analyst Tazeen Ahmad upgraded Apellis (APLS) to Buy from Neutral with an unchanged price target of $28. The firm believes current valuation levels underappreciate the commercial potential of Empaveli in new rare kidney disease indications. Since approval in late July, Apellis has received 267 new patient start forms for Empaveli, representing 5% penetration of the 5,000 U.S. patient population, the analyst tells investors in a research note. BofA is “encouraged” by the “strong launch trajectory” and see rooms for continued estimate upside.
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