Apellis price target raised to $86 from $70 at Baird

Baird raised the firm’s price target on Apellis to $86 from $70 and keeps an Outperform rating on the shares. The firm said despite uncertainty related to the news of rare cases of vasculitis this summer, Syfovre demand is now above where it was in July, with its strongest weeks yet recorded in October. Going forward, the company will only update on the vasculitis rate (not case count), which remains low (0.01%), as the firm expects focus to shift from safety to the long-term efficacy of Syfovre.