On Nov 06, major Wall Street analysts update their ratings for $Apellis Pharmaceuticals (APLS.US)$, with price targets ranging from $30 to $75.
J.P. Morgan analyst Anupam Rama maintains with a buy rating.
BofA Securities analyst Tazeen Ahmad maintains with a buy rating, and adjusts the target price from $61 to $47.
Citi analyst Yigal Nochomovitz maintains with a buy rating, and adjusts the target price from $63 to $51.
Wells Fargo analyst Derek Archila maintains with a hold rating, and maintains the target price at $30.
TD Cowen analyst Phil Nadeau maintains with a buy rating, and adjusts the target price from $95 to $60.
Furthermore, according to the comprehensive report, the opinions of $Apellis Pharmaceuticals (APLS.US)$'s main analysts recently are as follows:
Following the Q3 report, there is acknowledgment of a significant opportunity to develop a robust 'post-GA' investment thesis. This perspective is heavily rooted in the compelling data for C3G and IC-MPGN, which are believed to surpass that of oral competitors in a wider context.
Following Apellis' report of Q3 Syfovre revenues falling short of expectations, clarity is still sought regarding the magnitude of the geographic atrophy (GA) market. Nevertheless, the current valuation appears to undervalue the prospective scale of the opportunity. Moreover, the anticipated introduction in C3G/IC-MPGN may counterbalance the more gradual expansion in the GA segment.
The firm notes that Apellis reported a Q3 topline of $196.8M, which did not meet either the firm's estimation of $202.2M or the consensus estimate of $201M. This shortfall was attributed to higher G/N adjustments and a lower count of Syfovre vials compared to their expectations.
The perception that the GA market is experiencing a slowdown was reinforced by the third quarter performance, which necessitates a recalibration of Syfovre estimates. The anticipation of progressively less favorable commentary on pricing, coupled with a more measured approach to reaching peak levels, is expected to exert ongoing pressure on the stock's performance. It is advised that investors remain cautious about initiating positions in the stock at this time.
The company experienced some challenges from competitive dynamics, as evidenced by its Q3 revenue report of $196.8M, which was slightly below the consensus estimate of $200M. There was a year-over-year growth of 7% for Syfovre, although there was a sequential dip due to increased competition and market share shifts favoring Izervay after the latter received its permanent J-Code in April. Despite these short-term pressures, there is a belief in the significant untapped value over the long term for these products, but this situation has made the company's progress hinge on its ability to deliver results consistently, necessitating a degree of patience from investors.
Here are the latest investment ratings and price targets for $Apellis Pharmaceuticals (APLS.US)$ from 10 analysts:
Note:
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