Apellis price target lowered to $75 from $84 at Stifel
The Fly

Apellis price target lowered to $75 from $84 at Stifel

Stifel lowered the firm’s price target on Apellis (APLS) to $75 from $84 and keeps a Buy rating on the shares. Feeling headwinds from competitive forces, the company reported Q3 revenues of $196.8M versus consensus at $200M, with Syfovre growing 7% year-over-year but down sequentially on higher G-N and ceding more share to Izervay after its permanent J-Code issuance in April. While Stifel continues to believe there is meaningful unlocked long-term value in both opportunities, it says Apellis has turned into a quarter-to-quarter execution story requiring investor patience.

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