Apellis price target lowered to $80 from $106 at Citi

Citi lowered the firm’s price target on Apellis to $80 from $106 and keeps a Buy rating on the shares. While new safety signal for Syfovre “has stoked intense fears,” the current share price implies an “overly bearish outlook” that isn’t appropriate since the root cause isn’t yet known, the analyst tells investors in a research note. The firm says a more benign root cause such as poor injection technique, improper needle choice, and/or leakage of anesthetic into the vitreous would “be more easily addressable and could substantially resolve the problem.” It reduced the price target on the near-term erosion of sales potential for Syfovre.