Morgan Stanley analyst Judah Frommer has maintained their neutral stance on APLS stock, giving a Hold rating on February 14.
Judah Frommer has given his Hold rating due to a combination of factors affecting Apellis Pharmaceuticals. The company’s recent financial results showed that their product revenue aligned with previous announcements, but future growth may be tempered by market conditions. Specifically, the dynamics surrounding Syfovre, a key product, indicate that its sales momentum from the previous quarter may not continue into the first quarter of the next year, as management has guided towards lower sequential sales.
Furthermore, while Apellis is making progress with its supplemental New Drug Application for Empaveli, the competitive landscape for Syfovre remains challenging. The market for this product is not expanding rapidly, which makes it difficult to project a swift rise to blockbuster status. Although there is an expectation of growth, it is anticipated to be gradual, leading to the decision to maintain a Hold rating on the stock.
In another report released on February 14, Mizuho Securities also maintained a Hold rating on the stock with a $30.00 price target.
Based on the recent corporate insider activity of 80 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.