Apellis price target raised to $115 from $79 at BofA

BofA analyst Brian Cheng raised the firm’s price target on Apellis to $115 from $79 and keeps a Buy rating on the shares after approval of Syfovre in GA came earlier than the PDUFA of February 26 and with a broad label for use in all patients with or without foveal involvement and with flexible once every 25 to 60 days dosing. These label inclusions "reflect our best-case scenario" and should differentiate Apellis near-term from competition, the analyst tells investors. The company priced the drug at $2,190 per vial and assumes that 90% of patients will be covered by Medicare, while the company expects a permanent J code around October 1, which in the firm’s view could impact sales for the first six months of launch, BofA added.