Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolios

Apellis Pharmaceuticals raised at JPMorgan as improving Syfovre fundamentals will be 'upside driver' for shares

Published 10/06/2023, 12:06 PM
Updated 10/06/2023, 12:07 PM
© Reuters.  Apellis Pharmaceuticals (APLS) raised at JPMorgan as improving Syfovre fundamentals will be 'upside driver' for shares
APLS
-

JPMorgan upgraded Apellis Pharmaceuticals (NASDAQ:APLS) to Overweight from Neutral, with a new price target of $81, up from $60 per share in a note Friday.

Analysts told investors the Syfovre third quarter beat underscores the return to growth for the product.

"3Q Syfovre sales of ~$74M BEAT consensus of ~$51M and was driven by strong week-over-week growth beginning August. Importantly, ~75-80% (~37K) of the 47K vials shipped in 3Q were commercial vials (for reference, ~31K commercial vials shipped in 2Q / ~11K samples)," explained the analysts.

"In our view, the 3Q Syfovre beat underscores a return to growth for the product, even in the face of retinal vasculitis (RV) headwinds from the summer," the analysts added.

JPMorgan believes the improving Syfovre fundamentals will steadily shift sentiment heading into 2024 and will be an upside driver for APLS's share price.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.