Apellis initiated with an Equal Weight at Morgan Stanley

Morgan Stanley analyst Judah Frommer initiated coverage of Apellis (APLS) with an Equal Weight rating and $31 price target The firm expects a “roughly even split” of the geographic atrophy market as considerations beyond safety drive prescribing decisions. Acute concerns over Apellis’ Syfovre safety are fading, but remain a part of the conversation, the analyst tells investors in a research note. Morgan Stanley cites a lack of upside versus consensus for its Syfovre in geographic atrophy estimates for the neutral rating.