Raymond James analyst Ryan Deschner downgraded Apellis (APLS) to Outperform from Strong Buy with a price target of $52, down from $75. The firm sees added uncertainty associated with quarterly sales volatility following the Q1 report. Apellis reported net Syfovre sales of $130.2M, well below consensus $157.5M, citing inventory drawdown and a funding shortage at co-pay assistance programs as impacting this figure, the analyst tells investors in a research note.
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