Apollomics Inc. (APLM) PT Lowered to $2 at H.C. Wainwright

H.C. Wainwright analyst Robert Burns lowered the price target on Apollomics Inc. (NASDAQ: APLM) to $2.00 (from $5.00) while maintaining a Buy rating.

The analyst commented: "Earlier this week, top-line results from the Phase 3 global pivotal study evaluating uproleselan + chemotherapy vs. chemotherapy in 388 patients with R/R AML showed that the combo did not achieve a statistically significant improvement in overall survival in the intention-to-treat (ITT) population; the median overall survival (mOS) for the combo was 13 months vs. 12.3 months for chemo alone. Given these results, we see an increased risk for the Phase 3 bridging study in China that is being conducted by Apollomics. As such, we have lowered our probability of approval for uproleselan in China to 10% from the prior 40%. Given this change to our model, as well as reducing the discount rate to 11% from the prior 12%, we reiterate our Buy rating, while lowering our 12-month price target to $2 from $5."

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