Apellis price target lowered to $50 from $52 at Raymond James

Raymond James lowered the firm’s price target on Apellis (APLS) to $50 from $52 and keeps an Outperform rating on the shares following the Q2 earnings, citing the firm’s “bullish” outlook for the newly-approved expansion indications for Empaveli and evidence the Syfovre launch is getting back on track. The Empaveli FDA label was expanded to include broad coverage of C3G and IC-MPGN patients 12 and older, which could expand the Empaveli addressable patient population by about 75%, the analyst tells investors in a research note.