Apellis price target lowered to $40 from $86 at Wedbush

Wedbush analyst Laura Chico lowered the firm’s price target on Apellis to $40 from $86 and keeps a Neutral rating on the shares. With shares cut in half over the past 3 trading days, the firm revisited the setup for Apellis. While there are reasons to argue current levels offer more favorable risk/reward than when the stock was in the $80s/share, after additional physician checks and reviewing competitive safety data, Wedbush simply sees an overhang likely to persist. Syfovre safety reports will require further investigation, it adds.