Analyst Joseph Stringer from Needham maintained a Buy rating on Apellis Pharmaceuticals (APLS – Research Report) and decreased the price target to $29.00 from $40.00.
Joseph Stringer’s rating is based on several factors that influence the potential of Apellis Pharmaceuticals. Despite the recent revenue miss, particularly with Syfovre sales falling short of expectations, Stringer sees potential in the company’s market position. Syfovre, although experiencing a decline in market share, still holds a significant portion of the market compared to its competitor, Izervay.
Stringer acknowledges the challenges posed by inventory dynamics and funding issues for copay assistance programs, which have impacted sales. However, he believes that these are temporary setbacks and that the company’s strategic initiatives could lead to future growth. Consequently, despite the current hurdles, Stringer maintains a Buy rating, reflecting his confidence in the company’s long-term prospects.
In another report released today, TD Cowen also maintained a Buy rating on the stock with a $50.00 price target.
Based on the recent corporate insider activity of 71 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of APLS in relation to earlier this year.