Apellis price target lowered to $30 from $43 at Wells Fargo

Wells Fargo lowered the firm’s price target on Apellis (APLS) to $30 from $43 and keeps an Equal Weight rating on the shares. The firm thinks Q3 was validating for its view of a slowing GA market and that Syfovre estimates need to be reset. Wells believes incrementally negative commentary on pricing and more gradual ramp to peak will continue to weigh on shares. The firm tells investors it wouldn’t step into shares here.