In a report released yesterday, Madhu Kumar from B.Riley FBR reiterated a Buy rating on Apellis Pharmaceuticals Inc (NASDAQ: APLS), with a price target of $40. The company’s shares opened today at $19.10.
“This morning, Pharmaceuticals (APLS) announced that the first patient dosing and enrollment in the Phase III OAKS and DERBY trials, respectively, for lead asset, complement C3 inhibitor APL-2, in geographic atrophy (GA). In light of the earlier success seen for Phase II FILLY trial in GA, we view the start of these pivotal trials a critical valuation step-up point for APLS shares, even with recognition of the risks associated with an indication like GA. After model updates with the GA pivotal trial starts, we reiterate our APLS Buy rating and raise our price target from $27 to $40.”
According to TipRanks.com, Kumar is a 5-star analyst with an average return of 26.6% and a 54.0% success rate. Kumar covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Arbutus Biopharma Corporation, and Deciphera Pharmaceuticals Inc.
Currently, the analyst consensus on Apellis Pharmaceuticals Inc is a Strong Buy with an average price target of $40, which is a 109.4% upside from current levels. In a report issued on September 4, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $53 price target.
The company has a one-year high of $32 and a one-year low of $12.45. Currently, Apellis Pharmaceuticals Inc has an average volume of 364.6K.
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Apellis Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company, which develops novel therapeutic compounds. It develops complement immunotherapies for the treatment of complement-dependent autoimmune and inflammatory diseases through APL-2 product.