As previously reported, Wells Fargo analyst Derek Archila downgraded Apellis (APLS) to Equal Weight from Overweight with a price target of $58, down from $83. The analyst believes the risk/reward is more balanced in 2023 as he expects pegcetacoplan approval, but worries about launch risks in GA along with a potential pos label surprise from Iveric bio (ISEE). Empaveli Phase 2 in ALS is a free call option, he adds.
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Published first on TheFly
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