After Apellis announced a corporate restructuring that will include cost reduction initiatives expected to result in up to $300M in total cost savings through 2024, Baird analyst Colleen Kusy thinks the savings could help bridge the gap to profitability. While the read-through to takeout discussions “could go multiple ways,” the analyst views this move to streamline as “potentially getting the business ready to sell.” Baird has an Outperform rating and $70 price target on Apellis shares.
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