Apellis initiated with a Sector Perform at RBC Capital

RBC Capital analyst Lisa Walter initiated coverage of Apellis (APLS) with a Sector Perform rating and $25 price target Complement inhibitors Syfovre and Izervay were approved for geographic atrophy, or GA, on slowing the growth of atrophy in the retina, not on a functional benefit like vision gains, the endpoint used for anti-VEGFs in wAMD, notes the firm, whose key opinion leader consultants are either not inclined to recommend Syfovre or Izervay to patients, and those that do think at peak only 20%-25% of patients will be ideal candidates, the analyst tells investors.