Apellis price target lowered to $60 from $67 at Citi

Citi lowered the firm’s price target on Apellis to $60 from $67 and keeps a Buy rating on the shares post the Q1 report. The analyst says the “disparate commentary” around share capture needs to be taken in context as while Astellas points to 25% current share ramping to 40%, contrasted with Apellis’ stated 85% share, Astellas uses vials distributed whereas Apellis uses patients treated, hence metrics are not equivalent.