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Investing.com - Scotiabank (TSX:BNS) raised its price target on Apellis Pharmaceuticals (NASDAQ:APLS) to $22.00 from $20.00 on Wednesday, while maintaining a Sector Perform rating following FDA approval of Empaveli. The company, currently valued at $2.4 billion, has demonstrated strong revenue growth of 48% over the last twelve months, with a healthy current ratio of 4.08.
The FDA approved Empaveli for treating immune complex-membranoproliferative glomerulonephritis (IC-MPGN) and C3 glomerulopathy (C3G), granting a broad label for patients 12 and older, including those with post-kidney transplant C3G disease recurrence.
Scotiabank noted this broad label could drive uptake versus competitor Fabhalta from Novartis (SIX:NOVN), though Empaveli was not approved for post-transplant IC-MPGN patients.
The bank cautioned that the commercial ramp might take longer than currently expected, given the limited patient population of approximately 5,000 in the US, projecting 2026 revenue of $84 million compared to consensus estimates of $93 million.
Scotiabank updated its model to reflect 100% probability of success for IC-MPGN and C3G indications, up from 75% previously, while remaining positive on Apellis’s longer-term prospects with 2035 revenue projected at $634 million versus consensus of $731 million. According to InvestingPro’s Fair Value analysis, Apellis appears undervalued at current levels, with analyst targets ranging from $17 to $60 per share. Get access to the full InvestingPro Research Report for comprehensive insights into Apellis’s financial health and growth potential.
In other recent news, Apellis Pharmaceuticals received approval from the U.S. Food and Drug Administration for Empaveli (pegcetacoplan) as the first treatment for C3 glomerulopathy (C3G) and primary immune complex membranoproliferative glomerulonephritis (IC-MPGN) in patients 12 years and older. This approval marks a significant milestone for patients affected by these rare kidney diseases. Following this development, Mizuho (NYSE:MFG) raised its price target for Apellis to $21, maintaining a Neutral rating, while Cantor Fitzgerald reiterated an Overweight rating with a $39 price target. Additionally, H.C. Wainwright maintained its Buy rating with a $57 price target after discussions with Apellis executives about market strategies. Meanwhile, William Blair continued to hold an Outperform rating on Apellis, noting competition from Astellas’s Izervay, which reported a 22% revenue increase in the second quarter. These recent developments highlight Apellis’s ongoing efforts to expand its market presence and address competitive challenges.
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