Apellis Pharmaceuticals (NASDAQ:APLS) traded lower on Friday after Goldman Sachs downgraded the company to Sell from Neutral, citing risks to its outlook and handing the eye drug developer its only bearish rating on Wall Street.
Analyst Salveen Richter highlighted the long-term growth prospects for the company’s main product, Syfovre, a treatment approved in the U.S. for the eye condition, geographic atrophy.
However, Richter also listed potential risks to the company’s outlook, including competition from Astellas Pharma’s (OTCPK:ALPMF) (OTCPK:ALPMY) rival GA therapy Izervay, which, according to experts, has a better risk-benefit profile, she stated.
Other risks, including limited market penetration of GA therapies and high patient attrition, have prompted Richter to predict $1.1B in peak sales for the company in 2030, lower than the $1.3B in the consensus.
The analyst is optimistic over the potential of Apellis’ (NASDAQ:APLS) experimental therapy Empaveli against rare kidney diseases such as C3 glomerulopathy, given its superior data and labeling compared to rival drug Fabhalta from Novartis (NVS).
However, with a Street low price target of $18 on the stock, Richter argued that Apellis' (NASDAQ:APLS) share price already reflects the opportunity for Empaveli.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.