Why Apellis Pharmaceuticals, Inc. (APLS) Skyrocketed On Monday
Apellis Pharmaceuticals surged by 13.05 percent on Monday to finish at $19.14 apiece after earning a higher price target from an investment firm.
On Monday, Wells Fargo raised its price target for the company to $29 from $26 previously, while maintaining an 'equal weight' rating for the stock.
Wells Fargo said that the adjustment reflected its optimism about Apellis Pharmaceuticals, Inc.'s (NASDAQ:APLS) potential treatment for rare kidney diseases C3G and IC-MPGN, which could bolster opportunities for the company.
A biomedical scientist in a lab coat conducting research on biopharmaceutical compounds.
Wells Fargo expected the treatment to secure an approval, but underscored the need for a clearer understanding of its potential downside risks before becoming more optimistic on the stock.
In the first quarter of the year, Apellis Pharmaceuticals, Inc. (NASDAQ:APLS) widened its net loss by 39 percent to $92 million from $66 million in the same period last year. Revenues inched up by 3 percent to $166.8 million from $172.3 million year-on-year.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
Disclosure: None. This article is originally published at Insider Monkey.
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