Apellis Pharmaceutical (NASDAQ:APLS) scored a higher rating at JP Morgan after posting better-than-expected sales. JP Morgan upgraded the global biopharmaceutical company from Neutral to Overweight and raised its price target to $81 from $60 per share.
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The company’s newly launched drug, Syfovre, is the reason behind the new rating. The groundbreaking geographic atrophy (GA) drug, which hit a roadblock following its launch, has rebounded. Apellis said Syfovre raked in $74M in net product sales in Q3.
People who used the drugs have complained of vascular retinitis, a sight-threatening inflammation disorder linked to Syfovre. However, recent reports suggest doctors have gotten a better handle on the disorder.
With that out of the way, the analysts estimate that sales for the product will go higher heading into 2024. They also stated that the performance of Syfovre will be an upside driver for APLS shares.
Meanwhile, the company also scored some positive points at Citi Bank after raising its estimates and price target for the stock. Citi, which previously had a Buy rating, increased its price target to $70 from $54 on Thursday.
The market has responded positively to these developments, with the stock price up 2.83% at the time of writing.
What is the Stock Price Forecast for Apellis?
Turning to Wall Street, analysts have a Strong Buy consensus rating on APLS stock based on 12 Buys, two Holds, and zero Sells assigned in the past three months, as indicated by the graphic above. Furthermore, the average price target of $68.17 per share implies 67.21% upside potential.