Apellis Pharmaceuticals Upgraded To Buy: Analyst Sees Potential In Syfovre's Strong Launch
Portfolio Pulse from Nabaparna Bhattacharya
BofA Securities analyst Tazeen Ahmad upgraded Apellis Pharmaceuticals (NASDAQ: APLS) to Buy from Neutral and raised the price target to $85 from $52. The upgrade is based on the strong launch trajectory of Syfovre and lower risk profile following FDA's updated label that does not include a black box warning (BBW). Ahmad sees potential for upside due to the strong demand for Syfovre, its favorable comparison to Beovu, and the potential for increased sales in the EU and among physicians who had previously halted its use. The analyst forecasts 4Q sales of $90 million and risk-adjusted peak sales of $4.1 billion, with an adjusted EPS loss of $(1.91) for FY24.
December 05, 2023 | 7:34 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Apellis Pharmaceuticals was upgraded to Buy from Neutral by BofA Securities analyst Tazeen Ahmad, with a price target increase to $85 from $52, due to the strong launch and positive reception of Syfovre. The company's shares are likely to experience positive short-term movement based on this analyst upgrade and the optimistic sales projections.
Analyst upgrades typically have a positive impact on stock prices in the short term, especially when accompanied by a significant price target increase. The positive outlook on Syfovre's launch and sales, along with the FDA's confidence, are likely to be viewed favorably by investors, potentially leading to an increase in stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100