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Baird maintains Outperform on Apellis following negative CHMP opinion

Baird maintained an Outperform rating and $100 price target on Apellis Pharmaceuticals following an “expected” negative opinion for approval for pegcetacoplan from the EU’s CHMP, or Committee for Medicinal Products for Human Use. While the analyst sees “some chance” the appeal process could flip the CHMP vote positive in Q4, the firm believes the probability is low.

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