BofA downgraded Apellis (APLS) to Neutral from Buy with a price target of $23, down from $41, following a “challenging” Q1. While lead drug Syfovre in geographic atrophy gained new patient share versus competition and sequential 4% underlying demand growth, it still missed estimates due in part to charitable foundation funding gaps, notes the analyst, who also points out that competitor Astellas has issued a 2025 sales guide for their product.
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