Apellis Pharmaceuticals (APLS) PT Raised to $115 at Baird, 'Survey data bode well for the ongoing launch of Syfovre'

Baird analyst Colleen Kusy raised the price target on Apellis Pharmaceuticals (NASDAQ: APLS) to $115.00 (from $105.00) while maintaining a Outperform rating.

The analyst comments "Survey data bode well for the ongoing launch of Syfovre, raising price target. In early July, we conducted a survey of 50 retina specialists to gauge uptake/perception of Apellis' Syfovre (approved February 17) and Astellas' (not covered) Zimura (PDUFA date: August 19) in geographic atrophy (GA). Compared to our previous survey (April), the proportion of physicians who have prescribed Syfovre increased 40%+ (in absolute terms) to 64%, and respondents reported higher intent-to-treat for both drugs. As such, we are increasing our Syfovre estimates and our price target to $115 (+$10)."

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