UBS reiterated a Buy rating and $85 price target on Apellis. While the firm believes Phase 2 52-week data from its NOBLE study investigating a targeted C3 therapy is less of a focus for the company compared to the Syfovre launch trends and safety updates, it believes the unmet need is high. UBS thinks Apellis shares reflect investors’ uncertainty on competitive pressures, and at these levels are undervalued.
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