In a report released today, Joseph Stringer from Needham maintained a Buy rating on Apellis Pharmaceuticals (APLS – Research Report), with a price target of $40.00.
Joseph Stringer has given his Buy rating due to a combination of factors, despite some adjustments in market share expectations. Apellis Pharmaceuticals reported solid financial results for the fourth quarter of 2024, with total product revenue aligning with previous forecasts. The company’s Syfovre product, although experiencing a slight decrease in projected long-term market share, still maintains a significant portion of the market.
Stringer acknowledges the competitive pressures from Izervay, which has been gaining market share, prompting a revision of Syfovre’s future market share estimates. Despite this, the overall sales projections for 2025 remain robust, with Syfovre expected to generate substantial revenue. Consequently, the price target was adjusted to reflect these dynamics, but the Buy rating was maintained, indicating confidence in the company’s growth potential.
Stringer covers the Healthcare sector, focusing on stocks such as Alnylam Pharma, Vertex Pharmaceuticals, and Stoke Therapeutics. According to TipRanks, Stringer has an average return of -2.6% and a 35.50% success rate on recommended stocks.
In another report released on February 13, Oppenheimer also reiterated a Buy rating on the stock with a $42.00 price target.