Why Apellis Pharmaceuticals, Inc. (APLS) Skyrocketed On Monday

We recently published a list of These 10 Stocks Blew Past Expectations. In this article, we are going to take a look at where Apellis Pharmaceuticals, Inc. (NASDAQ:APLS) stands against other top-performing stocks 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.

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Disclosure: None. This article is originally published at Insider Monkey.