JPMorgan analyst Anupam Rama downgraded Apellis to Neutral from Overweight with a price target of $60, down from $72 post the Q2 results. The firm says getting the broader retinal community comfortable with the emerging profile of Syfovre is likely to take time. With the company’s cash position reiterated to Q1 of 2025, Apellis has a “very short window” to materially change physicians’ perception and accelerate Syfovre growth, the analyst tells investors in a research note Given the unknowns and potential length of resolution, it is difficult to recommend Apellis shares, says JPMorgan.
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