Goldman Sachs downgraded Apellis (APLS) to Neutral from Buy with a $36 price target The firm’s key opinion leader discussions indicate the actual number of geographic atrophy patients that physicians would treat with Apellis’ lead drug, Syfovre or the competitor, Astellas’ Izervay is smaller than anticipated. Goldman sees a slow progressing launch on the forward, saying a lack of clear functional benefit data limits broader uptake. Together these point to a more conservative commercial outlook for Apellis, the analyst tells investors in a research note.
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