Apellis price target raised to $75 from $70 at Needham

Needham raised the firm’s price target on Apellis to $75 from $70 and keeps a Buy rating on the shares. The analyst is citing the firm’s increased confidence in the Syfovre launch, anticipating 2023 Syfovre sales of about $275M, consistent with the company’s pre-announcement earlier this month. This is an impressive feat for a drug that was only on the market for 10 months in 2023, the firm tells investors in a research note.