Apellis price target lowered to $51 from $63 at Citi

Citi lowered the firm’s price target on Apellis (APLS) to $51 from $63 and keeps a Buy rating on the shares post the Q3 report. The firm says that with the stock re-rating in 2024, there’s a “clear opportunity to reconstruct a ‘post-GA’ thesis” anchored on high conviction in C3G and IC-MPGN, where it beeves the data are “resoundingly strong and outshine the oral competitor and in a broader setting.”