---
title: "Apellis Pharmaceuticals: Solid Syfovre Franchise and Rapid Empaveli Uptake Underpin Buy Rating and Long-Term Upside"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/276783303.md"
description: "TD Cowen analyst Phil Nadeau has maintained a Buy rating on Apellis Pharmaceuticals with a price target of $40.00, citing steady top-line growth and a clear path to profitability. He highlights the solid Syfovre franchise and rapid uptake of Empaveli, indicating strong medium-term revenue potential. Despite near-term adjustments to Syfovre forecasts, Nadeau believes Apellis offers attractive long-term upside. Needham also supports this view with a Buy rating and a $28.00 price target."
datetime: "2026-02-24T20:35:25.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/276783303.md)
  - [en](https://longbridge.com/en/news/276783303.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/276783303.md)
---

# Apellis Pharmaceuticals: Solid Syfovre Franchise and Rapid Empaveli Uptake Underpin Buy Rating and Long-Term Upside

TD Cowen analyst Phil Nadeau maintained a Buy rating on Apellis Pharmaceuticals today and set a price target of $40.00.

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Phil Nadeau has given his Buy rating due to a combination of factors including steady top-line growth and a clear path to profitability. He views Syfovre’s franchise as solid, with rising injection volumes, durable leadership in the U.S. GA market, and only measured revenue growth headwinds from practice disruptions and evolving gross-to-net dynamics, all incorporated into his slightly reduced $40 DCF-based target.

He also highlights Empaveli’s rapid uptake in C3G/IC-MPGN, where early penetration and strong Q4 momentum support sizable medium-term revenue potential. Combined with management’s expectation that existing cash plus projected sales can fund operations through breakeven, he concludes that Apellis offers attractive long-term upside despite near-term adjustments to Syfovre forecasts.

According to TipRanks, Nadeau is a 4-star analyst with an average return of 7.5% and a 48.13% success rate. Nadeau covers the Healthcare sector, focusing on stocks such as Vir Biotechnology, BioMarin Pharmaceutical, and Neurocrine.

In another report released today, Needham also maintained a Buy rating on the stock with a $28.00 price target.

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