BofA lowered the firm’s price target on Apellis (APLS) to $27 from $29 and keeps a Neutral rating on the shares after the company reported Q3 results. Commentary on Empaveli segment contribution suggests roughly $6M in renal indication revenues, and the company noted a bolus of 152 start forms in Q3, the analyst tells investors in a research note. The firm added that it thinks clear indications of stronger-than-expected uptake in C3G and IC-MPGN in upcoming quarters could provide potential upside to estimates.
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