Mizuho Reiterates Neutral Rating on Apellis Pharmaceuticals (APLS)

Mizuho analyst Graig Suvannavejh reiterated a Neutral rating and $42.00 price target on Apellis Pharmaceuticals (NASDAQ: APLS).

The analyst commented: "As disclosed by APLS last week, the European Medicines Agency/EMA's Committee for Medicinal Products for Human Use/CHMP is expected to issue its final opinion on the potential approval for pegcetacoplan (Syfovre) in Europe next week during the CHMP's September 16-19 meeting. Though (1) stock risk/reward on a positive recommendation for EU approval appears skewed positively, and (2) APLS shares may seem attractively priced given YTD performance of -39% (vs. XBI performance of +11% over the same period), based on our prior analysis, we're cautious on investors stepping up into the stock ahead of next week's EU approval update, as we continue to be cautious around the possibility of a positive opinion, assuming only a 10% probability of success/POS here. Bigger picture, given our current below consensus view of the near- and longer-term prospects of Syfovre, we remain Neutral-rated on APLS."

For an analyst ratings summary and ratings history on Apellis Pharmaceuticals click here. For more ratings news on Apellis Pharmaceuticals click here.

Shares of Apellis Pharmaceuticals closed at $37.62 yesterday.

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