APLS - Apellis Pharmaceuticals Upgraded To Buy: Analyst Sees Potential In Syfovre's Strong Launch | Benzinga
BofA Securities analyst Tazeen Ahmad upgraded Apellis Pharmaceuticals, Inc. (NASDAQ: APLS) to Buy from Neutral, raising the price target to $85 from $52.
Ahmad forecasts a lower risk story from here, given clarity on risk/benefit for Syfovre from an FDA stance and a strong launch trajectory, seeing "room for upside."
The Syfovre label for geographic atrophy (irreversible vision loss) was updated to include the safety events of vasculitis with or without occlusion and did not include a BBW.
According to Ahmad, the update was encouraging as it reflects confidence from the FDA, with the ORV rates remaining low at ~0.01%.
The analyst highlights that Syfovre has been compared to Beovu, where ORV rates were much larger after closer analysis, but the label ...