APLS · NASDAQ
Price unavailable right now.
Average $40.52
The latest rating actions, newest first
| Firm | Date | Action | Rating |
|---|---|---|---|
| Wells Fargo | Apr 17, 2026 | Downgrade | Overweight → Equal-Weight |
| Mizuho | Apr 2, 2026 | Maintains | Neutral |
| JP Morgan | Apr 1, 2026 | Downgrade | Overweight → Neutral |
| Barclays | Apr 1, 2026 | Maintains | Equal-Weight |
| Raymond James | Apr 1, 2026 | Downgrade | Outperform → Market Perform |
| Citigroup | Apr 1, 2026 | Downgrade | Buy → Neutral |
| HC Wainwright & Co. | Apr 1, 2026 | Downgrade | Buy → Neutral |
| Cantor Fitzgerald | Apr 1, 2026 | Downgrade | Overweight → Neutral |
| Needham | Mar 31, 2026 | Downgrade | Buy → Hold |
| Cantor Fitzgerald | Mar 18, 2026 | Maintains | Overweight |
Updated May 12, 2026
Apellis Pharmaceuticals is expected to be acquired for $5.6B in cash and potential contingent payments based on future revenue thresholds for its two marketed drugs, SYFOVRE and EMPAVELI, targeting C3. However, with underlying demand and growth concerns, the company's 2026 Syfovre revenue estimate has been lowered to $821M based on their reported 4Q25 metrics, which indicate consistent but flat demand growth and a high proportion of free doses being shipped.
Apellis Pharmaceuticals is being acquired by Biogen for $5.6 billion, or $41 per share in cash plus contingent value rights (CVRs) linked to sales milestones for their two marketed drugs, SYFOVRE and EMPAVELI. The acquisition is driven by the potential of EMPAVELI in rare kidney diseases and SYFOVRE's blockbuster potential in treating Geographic Atrophy. However, there are concerns about reimbursement and competition in the GA market, and the decline in Syfovre sales is a cause for caution. With the acquisition, Apellis may be able to maximize the potential of their drugs, but the negative outlook is based on concerns about pushback on reimbursement and patient persistence/compliance for SYFOVRE and competition for Izervay.
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