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Apellis Awaits EU Decision on Pegcetacoplan (Syfovre) Amidst Positive Phase 3 Kidney Data

• Apellis Pharmaceuticals awaits the European Medicines Agency's (EMA) decision on pegcetacoplan (Syfovre) approval, expected from the CHMP meeting on September 16-19. • Mizuho maintains a Neutral rating on Apellis, citing a cautious approach with only a 10% probability of success factored in for EU approval. • Apellis' Phase 3 VALIANT trial demonstrated a significant 68% reduction in proteinuria in patients with C3G and IC-MPGN kidney diseases. • Despite analysts' tempered expectations and a current lack of profitability, Apellis reported strong Q2 2024 growth with SYFOVRE and EMPAVELI sales.

Apellis Pharmaceuticals (NASDAQ: APLS) is preparing for a critical review by the European Medicines Agency's (EMA) Committee for Medicinal Products for Human Use (CHMP) regarding the approval of its drug, pegcetacoplan (Syfovre), in Europe. The CHMP meeting, scheduled for September 16-19, is a key event that could significantly impact the company's market position.
Mizuho has reiterated its Neutral rating on Apellis with a steady price target of $42.00. While acknowledging the potential for positive movement in Apellis' stock based on a favorable EU recommendation, the firm advises caution. Their analysis assumes only a 10% probability of success for the drug's approval in the upcoming EU update, reflecting a conservative outlook.

VALIANT Trial Results

In other recent developments, Apellis announced positive results from its Phase 3 VALIANT trial. The trial showcased a significant 68% reduction in proteinuria, a key marker of kidney damage, in patients with two rare kidney diseases: C3 glomerulopathy (C3G) and primary immune complex membranoproliferative glomerulonephritis (IC-MPGN). These results have been met with positive reactions from several analyst firms, although price targets have seen some adjustments.

Analyst Ratings

BofA Securities revised its price target for Apellis to $61.00 from $66.00, maintaining a Buy rating. Mizuho Securities adjusted its price target to $42.00 from $40.00, keeping a Neutral rating. Baird maintained its Outperform rating and increased the stock's price target to $96, while Jefferies also maintained a Buy rating and increased the price target to $82.00.

Financial Performance

Apellis reported robust growth in Q2 2024, driven by strong performance from its drugs SYFOVRE and EMPAVELI. SYFOVRE achieved over $0.5 billion in sales since its launch, with $155 million in net product revenue in Q2 2024 alone. EMPAVELI also contributed significantly, generating $24.5 million in sales.

InvestingPro Insights

Recent data from InvestingPro provides additional context. Apellis has a market capitalization of $4.58 billion and is trading at a high Price / Book multiple of 17.33. Despite impressive revenue growth over the last twelve months (up 240.74%), the company is not currently profitable, with an adjusted P/E ratio of -13.83. Analysts have revised their earnings downwards for the upcoming period and anticipate that the company will not be profitable this year. However, the company's liquid assets exceed its short-term obligations, indicating financial stability.
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Reference News

[1]
Mizuho maintains Neutral rating on Apellis stock with steady price target - Investing.com
investing.com · Sep 16, 2024

Mizuho maintains Neutral rating on Apellis Pharmaceuticals with $42.00 price target, as EMA's CHMP to review pegcetacopl...

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