Apellis initiated with a Sector Perform at Scotiabank

Scotiabank analyst Greg Harrison initiated coverage of Apellis with a Sector Perform rating and $35 price target Apellis shares reflect updated expectations for the success of the Syfovre launch in geographic atrophy and performance of Empaveli in paroxysmal nocturnal hemoglobinuria and are fairly priced at current levels, the analyst tells investors in a research note. The firm says future sales growth looks priced in, while failure to meet Street expectations could become a risk. Apellis can achieve profitability in 2026 versus consensus expectation of 2025, the firm says, and has the cash on hand to get there, giving the company a unique balance sheet profile among biotech peers, but Scotiabank feels the value is largely priced in at current levels.