BofA upgraded Apellis to Buy from Neutral with a price target of $85, up from $52. The company’s Syfovre label for geographic atrophy was updated to include the safety events of vasculitis with or without occlusion and did not include a black box warnings, the analyst tells investors in a research note. The update was “encouraging” as it reflects confidence from FDA with the ORV rates remaining low, and the firm sees a lower risk story from here given clarity on risk/benefit for Syfovre, BofA added.
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