Apellis price target lowered to $88 from $108 at Oppenheimer

Oppenheimer lowered the firm’s price target on Apellis to $88 from $108 and keeps an Outperform rating on the shares after Apellis provided a Q2 update and gave additional details on its ongoing investigation of rare cases of retinal vasculitis following Syfovre treatment. While the identification of a root cause and potential mitigation strategy for these rare events “remain the key focus for restoring investor confidence in the GA product,” the firm continues to expect these matters to take time to assess. While the firm is “still keeping the faith in Syfovre’s product potential,” the path ahead “could stay relatively non-linear,” the analyst added.