Baird analyst Colleen Kusy notes that Roche (RHHBY) announced during a webcast to discuss recent developments in ophthalmology that its subcutaneous ASO Factor B program failed its placebo-controlled Phase 2 study in geographic atrophy, or GA, and said further development is being discontinued. While expectations were low for this product, Baird thinks this outcome removes potential downside for Apellis (APLS) and highlights another example of the challenges of developing drugs for GA, the analyst tells investors. Baird keeps an Outperform rating and $100 price target on Apellis shares.
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