H.C. Wainwright maintains a Buy rating and $82 price target on Apellis shares despite calling it “disappointing” that pegcetacoplan’s MAA for the treatment of geographic atrophy, GA, received a negative trend vote that likely foretells the CHMP adopting a negative opinion. Pegcetacoplan’s MAA is expected to be taken up at the next CHMP meeting, which is scheduled to be held January 22-25, and if a negative opinion is adopted, Apellis plans to appeal the outcome and seek re-examination, the analyst noted. Despite the negative trend vote clouding visibility on EU approval, the firm would remain buyers of Apellis shares given its confidence in upside to U.S. numbers, the analyst tells investors.
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