Analyst Tazeen Ahmad of Bank of America Securities reiterated a Hold rating on Apellis Pharmaceuticals, boosting the price target to $29.00.
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Tazeen Ahmad’s rating is based on a combination of factors including Apellis Pharmaceuticals’ recent financial performance and market dynamics. The company reported second-quarter revenues for Syfovre that aligned with market expectations, and the third-quarter projections indicate only a slight increase, suggesting limited growth potential in the near term. Additionally, while the early launch metrics for Empaveli in treating severe kidney disease show promise, potential challenges such as market fragmentation and payor access issues could limit its broader adoption.
Despite the positive early feedback from nephrologists regarding Empaveli’s usage, the overall treatment rate for geographic atrophy patients remains mild, and significant sales acceleration would be necessary to adjust revenue estimates upward. The current valuation and price objective reflect these mixed signals, leading to a Hold rating as the stock price is close to the target price, indicating limited upside potential in the immediate future.
According to TipRanks, Ahmad is an analyst with an average return of -0.9% and a 51.94% success rate. Ahmad covers the Healthcare sector, focusing on stocks such as Ascendis Pharma, PTC Therapeutics, and Sarepta Therapeutics.
In another report released on October 16, TR | OpenAI – 4o also reiterated a Hold rating on the stock with a $25.00 price target.