TD Cowen analyst Phil Nadeau maintained a Buy rating on Apellis Pharmaceuticals today and set a price target of $45.00.
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Phil Nadeau’s rating is based on several key factors that highlight the potential of Apellis Pharmaceuticals despite recent challenges. The company reported Q3 Syfovre sales that were slightly below expectations, primarily due to the high utilization of free samples and the lack of funding for the co-pay assistance program. However, the demand for Syfovre injections continues to grow, which indicates a strong underlying demand for the product.
Apellis remains the market leader in geographic atrophy (GA) with a 60% market share, and Syfovre has maintained its share in new patient starts. Although the price target was adjusted from $50 to $45 due to changes in estimates, the company is expected to see steady growth in the coming quarters. The large prevalence of GA in the U.S. suggests significant growth potential, supporting the Buy rating despite the current headwinds.
In another report released today, Needham also maintained a Buy rating on the stock with a $29.00 price target.