- The shares of Apellis Pharmaceuticals Inc (NASDAQ: APLS) have received a $60 price target from Stifel. These are the details.
The shares of Apellis Pharmaceuticals Inc (NASDAQ: APLS) have received a $60 price target from Stifel. And Stifel analyst Annabel Samimy resumed coverage of Apellis with a “Buy” rating.
Samimy sees Apellis trading below even a conservative scenario of increased competition against Empaveli in PNH and pegcetacoplan in geographic atrophy (GA), noting that the company’s real driver hinges on pegcetacoplan’s success in GA. And pegcetacolplan likely has sufficient clinical support for approval and a place in the market, according to Samimy. Plus Samimy expects that the drug in that indication to drive meaningful upside value for shares.
“Validating the complement platform, APLS has successfully developed its C3-targeting agent with approval in PNH, seeing uptake as second-line (2L) in the welldefined C5i non-responders and making inroads in first-line (1L) therapy—we mindfully watch the potential for Novartis’ LPN023 oral Factor-B to disrupt the opportunity,” wrote Samimy in a research note. “However, the real driver hinges on the pegcetacoplan’s success in GA. The NDA was filed 6/1/2022, and motivation in FDA’s Division of Ophthalmology for treatment of this large, unserved population is high. Pegcetacolplan likely has sufficient clinical support for approval and a place in the market, even if competitor Iveric’s Zimura finds clinical and commercial success. We expect pegcetacoplan in GA to drive meaningful upside value for shares.”
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