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Investing.com - BofA Securities raised its price target on Apellis Pharmaceuticals (NASDAQ:APLS) to $29.00 from $26.00 while maintaining a Neutral rating on the stock. According to InvestingPro data, APLS is currently trading at $24.52 and appears slightly undervalued based on Fair Value analysis. The stock has shown strong momentum with a 34.73% return over the past six months.
The firm cited promising early usage data for Empaveli, Apellis’ treatment for severe kidney disease (C3G/IC-MPGN), which received FDA approval in late July. Based on this data, BofA increased its estimated peak market penetration to 20% in the US and 15% in Europe, up from previous estimates of 16% and 12% respectively. InvestingPro analysis shows the company’s revenue growing at 20.02% with analyst price targets ranging from $18 to $60.
For the third quarter, BofA models $156 million in Syfovre revenues, representing a 3% quarter-over-quarter increase, slightly below the Street consensus of $157 million. Syfovre is Apellis’ treatment for geographic atrophy, a progressive age-related eye disease.
The firm expects minimal third-quarter revenues of $2.1 million for Empaveli, compared to the Street estimate of $2.6 million. BofA noted that despite the upside potential, Empaveli’s usage could be limited by the fragmented market and potential payor access issues.
On the upcoming earnings call, BofA will look for information on early launch metrics for Empaveli, including patient start forms, REMS enrollment, and progress on transitioning approximately 50 early-access patients to paid medication.
In other recent news, Apellis Pharmaceuticals reported its second-quarter 2025 earnings, revealing a revenue of $178 million. The company noted a reduction in operating expenses during this period. Additionally, Apellis Pharmaceuticals is focusing on strategic developments to expand its product line and market presence. In a related development, RBC Capital raised its price target for Apellis Pharmaceuticals to $22 from $19, maintaining a Sector Perform rating. This adjustment followed surveys conducted by RBC involving retina specialists and nephrologists, which assessed drug launches for geographic atrophy and rare kidney diseases. The surveys highlighted ongoing challenges with co-pay assistance for geographic atrophy treatments. These recent developments provide insight into Apellis Pharmaceuticals’ current business strategies and market evaluations.
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