Apellis price target lowered to $21 from $24 at RBC Capital

RBC Capital lowered the firm’s price target on Apellis (APLS) to $21 from $24 and keeps a Sector Perform rating on the shares. The firm has conducted a new survey of 51 retina specialists to gauge the current state of the geographic atrophy drug launches, noting that compared to its last survey, the sentiment has become more negative on Apellis’s Syfovre and the GA – geographic atrophy – space in general, the analyst tells investors in a research note. Apellis is no longer the preferred treatment among the respondents, with 38% preferring Astellas’ (ALPMY) Izervay vs 26% preferring Syfovre, RBC adds.