Apellis price target raised to $89 from $87 at UBS

UBS raised the firm’s price target on Apellis to $89 from $87 and keeps a Buy rating on the shares. Management’s color on Q1 sales trends increases the firm’s conviction in the ongoing Geographic Atrophy commercial launch and UBS expects continued revenue growth in Q1 and beyond, the analyst tells investors in a research note. The firm views Apellis as a revenue growth story from here and sees additional potential upside for shares from Phase 3 C3 glomerulopathy/immune-complex membranoproliferative glomerulonephritis topline data expected in mid-2024.