Apellis Pharma's Newly Launched Eye Drug Set For Resilient Performance, Syfovre Update Sparks Optimism

HC Wainwright says the relative lack of new cases is a positive and should jumpstart Apellis Pharmaceuticals Inc APLS Syfovre, which has shown resilience. The analyst keeps the Buy rating with a price target of $82.00.

Earlier today, Apellis Pharmaceuticals released a comprehensive update regarding its Syfovre (pegcetacoplan injection), covering crucial information about injection kits and the occurrence of rare events of retinal vasculitis associated with the treatment.

Syfovre was launched in March this year for geographic atrophy secondary to age-related macular degeneration.

The analyst Douglas Tsao suspects many distributed vials were used for patients who had already started Syfovre, but the volume would suggest new patient starts are continuing. 

Physicians at ASRS expressed the need for more information regarding the cause of these events before resuming treating new patients. 

The analyst is cautiously optimistic that retina specialists will look at this update as a catalyst to begin treating new patients.

Oppenheimer says to have kept a watchful eye on the shipment of vials, with a slight downtick of shipment rates. The update has aligned with the analyst's checks on potential disruption in 3Q. Analyst Justin Kim reaffirms the Outperform rating.

Stilfel writes that Apellis shares have the upside potential now that Syfovre is first to market, although competitor Iveric Bio/Astellas (Zimura/ACP) is closely behind. Overall, the analyst is more sanguine going into the next several quarters and writes that APLS shares will be regaining value attribution for Syfovre.

Stifel reiterates the Buy rating with a price target of $60.

Price Action: APLS shares are up 30.40% at $40.11 on the last check Wednesday.