Apellis Pharmaceuticals (APLS) Surges 17.6% on Higher Price Target

We recently published 10 Stocks Crushing With Whopping Double-Digit Gains. Apellis Pharmaceuticals, Inc. (NASDAQ:APLS) is one of the best-performing stocks on Thursday.

Apellis Pharmaceuticals surged by 17.58 percent on Thursday to close at $22.34 apiece as investors took path from an investment firm’s price target increase for its stock.

In a market note on Wednesday, Scotiabank increased its price target for Apellis Pharmaceuticals, Inc.’s (NASDAQ:APLS) stock to $22 from $20 previously, and maintained a “sector perform” rating.

The revision followed the pharmaceutical firm’s FDA approval of its Empaveli treatment for the treatment of two kidney diseases, which it said could drive uptake versus the Fabhalta drug from Novartis.

Earlier this week, Apellis Pharmaceuticals, Inc. (NASDAQ:APLS) also earned a higher price target of $46 from Citigroup, versus the $41 previously. It also maintained a “buy” recommendation from the investment firm.

In the second quarter of the year, Apellis Pharmaceuticals, Inc. (NASDAQ:APLS) widened its net loss by 12 percent to $42.1 million from $37.6 million in the same period last year. Total revenues ended 10.6 percent lower at $178.5 million versus $199.7 million year-on-year.