Citi lowered the firm’s price target on Apellis (APLS) to $41 from $49 and keeps a Buy rating on the shares following the Q1 report. The firm cut the price target to reflect a more gradual long-term ramp for Syfovre and Empaveli following the earnings report. Citi says its bull thesis is anchored on Empaveli’s expected approval on or by July 28. It recommends adding to positions at current share levels.
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