Wedbush notes that Apellis has announced it initiated a corporate restructuring that will involve a 25% workforce reduction. Additionally, the company will deprioritize planned spending and reduce Empaveli-related spending. The workforce reductions are expected to provide a $70M cost-savings while eliminated planned spending drives the remaining $230M in savings. Much of the runway will likely be dependent on the Syfovre revenue trajectory, Wedbush adds. The firm remain Neutral-rated on the shares with a price target of $29.
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