Apellis initiated with a Neutral at Mizuho

Mizuho initiated coverage of Apellis Pharmaceuticals with a Neutral rating and $42 price target, which implies 14% downside. Apellis is focused on developing and commercializing complement C3 inhibitors, with lead drug pegcetacoplan marketed under two separate brands, Syfovre and Empaveli, the company tells investors in a research note. The firm says against the backdrop of a “very fluid and rapidly evolving” competitive dynamic, it takes a “more modest initial view” of the Syfovre opportunity relative to consensus