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.
Don't Miss our Black Friday Offers:
- Unlock your investing potential with TipRanks Premium - Now At 40% OFF!
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on APLS:
- Apellis price target lowered to $57 from $83 at H.C. Wainwright
- Apellis Pharmaceuticals Reports Revenue Growth Amid Ongoing Investments
- Apellis price target lowered to $75 from $84 at Stifel
- Apellis reports Q3 EPS (46c), consensus (30c)
- Apellis expects cash to be sufficient to fund expenses to positive cash flow