Retail Buzz Surges For Apellis As Goldman Hikes Price Target After Solid Syfovre Sales, FDA Win For Kidney Drug

Retail chatter around Apellis Pharmaceuticals spiked Thursday after Goldman Sachs raised its price target to $26 from $24, citing strong quarterly performance and long-term growth potential through its pipeline of immune system therapies.

Goldman’s move came on the heels of Apellis’ second-quarter earnings report, which showed total revenue of $178 million. 

Syfovre, the company’s treatment for geographic atrophy, generated $151 million in U.S. net product sales, representing a 6% quarter-over-quarter increase in injection volume. Despite a $13 million revenue impact due to increased free sample usage linked to co-pay assistance constraints, the product maintained a dominant market position with over 60% share of new GA patient starts. 

Empaveli contributed $20.8 million in sales, supported by high compliance rates.

The FDA’s recent approval of Empaveli for patients aged 12 and older with C3G and IC-MPGN added another major catalyst. Backed by Phase 3 Valiant trial data, the decision cleared the way for Empaveli’s use in two rare kidney diseases that impact approximately 5,000 patients in the U.S. 

The trial showed a 68% drop in urinary protein levels, steady kidney function, and clearance of C3 deposits, which are key indicators of kidney health. The label also includes patients with post-transplant recurrence of C3G.

Analyst sentiment has improved notably in recent weeks. Citi raised its price target to $46 from $41, calling Empaveli “best-in-class” and a potential growth driver. Scotiabank lifted its target to $22, highlighting confidence in the company’s ability to execute on the Empaveli launch. Baird, BofA, and Morgan Stanley also issued upward revisions earlier this month.

Apellis also strengthened its balance sheet through a $300 million royalty agreement with Sobi, selling 90% of future ex-U.S. royalties on Aspaveli, the ex-U.S. brand of Empaveli, for $275 million upfront. 

The deal includes a $25 million milestone tied to potential EMA approval for the new kidney indications later this year.

On Stocktwits, retail sentiment was ‘extremely bullish’ late Thursday amid a 72% surge in 24-hour message volume.

Apellis’ stock has declined 32.6% so far in 2025.

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