Stifel raised the firm’s price target on Apellis to $65 from $60 and keeps a Buy rating on the shares after the company announced a corporate restructuring expected to generate cost savings of $300M through 2024. The firm, which thinks this is “a wise strategic move,” believes this should not only strengthen Apellis’ financial position, but also prioritizes the two to three programs with the greatest clinical and commercial potential, the analyst tells investors.
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