Pharma Stock Upgraded on Eye Disorder Drug Sales

The brokerage bunch leans optimistic toward APLS

Laura McCandless

Deputy Editor

Oct 6, 2023 at 11:01 AM

APLS

Apellis Pharmaceuticals Inc (NASDAQ:APLS) stock is enjoying a boost today after an upgrade from J.P. Morgan Securities to "overweight" from "neutral." The firm also lifted its price target to $81 from $60, expecting strong sales for the company's eye disorder drug, Syfovre.

Raymond James and Citigroup threw in a pair of bull notes as well, lifting their price targets to $92 and $70, respectively. Analysts were already leaning bullish on Apellis Pharmaceuticals stock. Of the 15 brokerages in coverage, 12 carry a "buy" or better rating, with three a tepid "hold."

Options bulls are chiming in on the note today, with calls running at double what's typically seen at this point. The January 2024 40 call is the most popular by far, followed by the October 45 call. It's also worth noting that short interest has been on the rise, now representing 13.5% of the stock's available float.

At last glance, APLS was up 5.2% at $41.69, earlier as high as $43.31. Since the start of the year, the equity is down 20.1%.

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