Baird raised the firm’s price target on Apellis to $81 from $71 and keeps an Outperform rating on the shares. The firm said based on the company’s pre-announcement of 4Q23 revenues last week that were well ahead of their Syfovre expectations, they updated their model by increasing 2024 Syfovre estimates, and lowering their Empaveli estimates.
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- Apellis price target raised to $60 from $39 at Wedbush
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- Apellis reports preliminary FY23 SYFOVRE, EMPAVELI revenue of $366M