Apellis Pharmaceuticals (APLS) PT Raised to $29 at Wells Fargo

Wells Fargo analyst Derek Archila raised the price target on Apellis Pharmaceuticals (NASDAQ: APLS) to $29.00 (from $26.00) while maintaining a Equal Weight rating.

The analyst comments "Thoughts on the stock. Shares are -49% YTD vs. XBI's -13% as investors remain concerned on the trajectory of the base biz w Syfovre in GA and APLS' ability to fund: Syfovre growth, R&D and a C3G/IC-MPGN launch. We think the C3G/IC-MPGN launch may be a bright spot for APLS and we expect approval, but getting constructive on shares even at these levels requires a better understanding if there is still downside risk for Syfovre and cash runway—thus, we remain on the sidelines until this is clear."

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