Apellis Pharmaceuticals (APLS) PT Lowered to $32 at Piper Sandler

Piper Sandler analyst Biren Amin lowered the price target on Apellis Pharmaceuticals (NASDAQ: APLS) to $32.00 (from $40.00) while maintaining a Neutral rating.

The analyst commented, "APLS reported 3Q24 earnings this morning where Syfovre sales came in below expectations ($152.0mm vs consensus of $167.7mm and Piper Sandler estimate of $170.2mm) w/ the miss driven by higher GTN. Mgmt guided towards flat to modest Syfovre sales for Q4 and a GTN in the low-to-mid 20% range going forward. As a result we are adjusting our model to be more inline with Syfovre sales guidance as well as increase penetration for pegcetacoplan in C3G. Together, this brings our PT to $32/share (prior $40)."

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