Apellis price target lowered to $72 from $100 at JPMorgan

JPMorgan analyst Anupam Rama lowered the firm’s price target on Apellis to $72 from $100 and keeps an Overweight rating on the shares after conducting a U.S. physician survey to gauge product perceptions and near-term market dynamics following the Syfovre safety letter. The firm says 97% of the 30 surveyed physicians were aware of the safety letter related to Syfovre, with 56% being “minimally” or “somewhat” concerned versus 44% being “very concerned.” Qualitative responses suggest a clear need to better understand the retinal vascular events, the analyst tells investors in a research note. The firm says the bear-thesis that Syfovre prescribing is going to essentially halt was not supported in the survey.