Apellis price target lowered to $48 from $57 at Wells Fargo

Wells Fargo analyst Derek Archila lowered the firm’s price target on Apellis to $48 from $57 and keeps an Equal Weight rating on the shares. The firm’s recent checks from payers/key opinion leaders suggest Syfovre and Izervay may face headwinds longer term from payers given their modest benefits. This reinforces Wells’ view that the GA market may be smaller than consensus estimates and will suffer from high discon rates.