Apellis price target raised to $22 from $20 at Scotiabank

Scotiabank raised the firm’s price target on Apellis (APLS) to $22 from $20 and keeps a Sector Perform rating on the shares. The firm is constructive on the FDA’s approval of Empaveli, an immunosuppressant developed to treat paroxysmal nocturnal hemoglobinuria, and believes the company is in a good place to execute on the launch, the analyst tells investors. While the firm believes the commercial ramp of the drug may take more time than currently appreciated, Scotiabank remains positive on longer-term prospects and believes revenues in the outer years can grow to become meaningful.