Apellis price target lowered by $3 at Stifel, here’s why

Stifel lowered the firm’s price target on Apellis to $70 from $73 and keeps a Buy rating on the shares. The firm is “disappointed” about CHMP’s “negative trend” vote on Syfovre’s MAA as the first potential treatment for geographic atrophy/GA in the EU, likely resulting in CHMP adopting a negative opinion in January 2024. Given the inadequate tools to measure functional benefit objectively, the opinion seems to be stemming from a disconnect between the clinical value granted to microperimetry data by the rapporteur versus how the KOL community interprets the data, Stifel adds. As this appears to be more a matter of education and opinion versus the quality of the data or safety, Apellis intends to appeal this decision bringing in the influence of the retinal experts and advocacy community to educate new rapporteurs on the meaningfulness of these analyses. Though appeals are uncommon, given the nature, the firm believes Syfovre’s future EU approval is still possible.