JPMorgan sees Apellis rally with FDA action date fast approaching

JPMorgan analyst Anupam Rama says the February 26 FDA action date for Apellis Pharmaceuticals’ pegcetacoplan in geographic atrophy is rapidly approaching. The firm anticipates approval of pegcetacoplan and a "best-in-class asset in the indication." On an approval, the analyst sees Apellis shares being valued in the low- to high- $80s share range versus downside to the $15-30/share range on a Complete Response Letter. It views a CRL as an "extremely low probability" scenario based on the totality of known data for pegcetacoplan.