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Investing.com - Mizuho has lowered its price target on Apellis Pharmaceuticals (NASDAQ:APLS) to $19.00 from $24.00 while maintaining a Neutral rating on the stock. This target now matches the lowest among analysts, who have set targets ranging from $19 to $55, according to InvestingPro data, which also shows the stock trading at a high P/E multiple of approximately 60.
The price target reduction follows a 31% drop in Apellis shares on Monday, marking the company’s largest single-day decline in two years, compared to a 1% gain in the XBI biotech index. InvestingPro data confirms this severe decline, showing a 27.9% drop over the past week and a 32.7% year-to-date loss.
Mizuho cited ongoing growth challenges with Syfovre, Apellis’ eye disease treatment, as the primary reason for the adjustment, despite promising early results from Empaveli’s launch in C3G/IC-MPGN indications.
The firm has reduced its Syfovre revenue estimates, projecting peak annual revenue of approximately $800 million, which stands 25-30% below consensus forecasts.
Apellis management has already guided for flat Syfovre revenue in Q4 2025 compared to Q3, with full-year 2025 Syfovre revenue growth expected to be negative year-over-year, while Empaveli’s impact remains too limited to significantly alter the company’s investment narrative in the near term.
In other recent news, Apellis Pharmaceuticals reported its third-quarter 2025 earnings, exceeding analysts’ expectations. The company achieved an earnings per share (EPS) of $1.67, surpassing the forecasted $1.55. Additionally, revenue reached $458.6 million, beating the predicted $450.97 million. Despite this strong financial performance, the company’s stock saw a decline, attributed to investor concerns over future guidance and market challenges. These recent developments highlight the complexities Apellis Pharmaceuticals faces in maintaining investor confidence.
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