BofA lowered the firm’s price target on Apellis (APLS) to $47 from $61 and keeps a Buy rating on the shares after the company reported Q3 Syfovre revenues that came in below expectations. The firm continues to look for clarity on the size of the geographic atrophy, or GA, market, but thinks the current valuation underestimates the potential size of the opportunity and thinks the potential launch in C3G/IC-MPGN could help offset slower growth in GA, the analyst tells investors.
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