Apellis price target lowered to $30 from $35 at Scotiabank

Scotiabank lowered the firm’s price target on Apellis (APLS) to $30 from $35 and keeps a Sector Perform rating on the shares. The company missed on both the topline and bottom line, the analyst tells investors. Additionally, Syfovre and Empaveli came short of expectations, with Syfovre’s launch facing headwinds due to anticipated unfavorable gross-to-net adjustments, the firm adds. While the firm sees a path for continued revenue growth as Syfovre gains preferred status from payers, this growth will likely be more muted than what has been seen previously.