For biotech stock Apellis Pharmaceuticals (NASDAQ:APLS), the phrase that pays in today’s trading was “retinal vasculitis.” Apellis brought out the numbers on cases, as well as its preliminary revenue report for the third quarter. The combined news was good enough to send shares surging over 6% in Thursday afternoon’s trading.
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The retinal vasculitis numbers were pretty welcoming, with only 10 cases confirmed so far. Two more are suspected, however, but that’s still a solidly low number. The numbers are connected to Syfovre, Apellis’ eye medication. As for the 10, their numbers are a bit grim: six patients have recovered, either fully or partially. However, three have “severe vision impairment” that is “unlikely to be resolved.” The last one in the 10 is “pending,” so hopefully, that will end well. All told Apellis looks for a rate of retinal vasculitis of around 0.012% when injected with Syfovre. Since Syfovre is geared toward treating geographic atrophy secondary to age-related macular degeneration, new therapies will certainly be welcome for the vast majority who work with Syfovre.
As for demand, it’s on the rise, and in a big way. Apellis currently estimates sales around $74 million for the third quarter and for demand to spark back up as doctors better understand the risks involved, which are comparatively light. So far, Apellis notes, over 100,000 vials have been shipped to physicians in the last seven months. And with weekly growth figures back on the rise, it’s a safe bet that Apellis will be able to take full advantage of Syfovre sales.
What is the Price Target for Apellis?
Apellis currently enjoys plenty of analyst support. With 11 Buy ratings and three Holds, Apellis Pharmaceuticals stock is currently consensus-rated as a Strong Buy. Further, with an average price target of $65.45, Apellis Pharmaceuticals stock offers investors 63.14% upside potential.