JPMorgan upgraded Apellis Pharmaceuticals (NASDAQ:APLS) to Overweight from Neutral, with a new price target of $81, up from $60 per share in a note Friday.
Analysts told investors the Syfovre third quarter beat underscores the return to growth for the product.
"3Q Syfovre sales of ~$74M BEAT consensus of ~$51M and was driven by strong week-over-week growth beginning August. Importantly, ~75-80% (~37K) of the 47K vials shipped in 3Q were commercial vials (for reference, ~31K commercial vials shipped in 2Q / ~11K samples)," explained the analysts.
"In our view, the 3Q Syfovre beat underscores a return to growth for the product, even in the face of retinal vasculitis (RV) headwinds from the summer," the analysts added.
JPMorgan believes the improving Syfovre fundamentals will steadily shift sentiment heading into 2024 and will be an upside driver for APLS's share price.