Bank of America has upgraded Apellis Pharmaceuticals (APLS) from Neutral to Buy, highlighting the company's successful commercial launch of Empaveli, a treatment for kidney diseases. The upgrade follows the recording of 267 new patient start forms since FDA approval in July. Analyst Tazeen Ahmad noted the drug's superior efficacy compared to Novartis' Fabhalta and its broader label, which has led to rapid adoption. Additionally, Empaveli has received EU approval, further boosting its market potential. BofA maintains a price target of $28 per share, anticipating continued growth.
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