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Apellis price target raised to $26 from $24 at Goldman Sachs

Goldman Sachs analyst Salveen Richter raised the firm’s price target on Apellis (APLS) to $26 from $24 and keeps a Neutral rating on the shares. The company’s Syfovre sales benefited from 6% q/q injection growth, despite a $13M negative impact on increased sample usage due to co-pay assistance funding shortages, and the stock traded up 17% as Syfovre met Street expectations, the analyst tells investors in a research note. The positive price action also reflects recognition of growth levers for Apellis through Empaveli in C3G/IC-MPGN, where the firm sees upside to the company’s addressable market estimates, Goldman Sachs added.

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