FMP
Apellis Pharmaceuticals Lost 50% Following Disappointing Results From GA Studies
Sep 10, 2021 7:15 PM - Davit Kirakosyan
Image credit: FMP
Apellis Pharmaceuticals, Inc. (NASDAQ:APLS) shares were trading around 50% lower today following the company’s mixed top-line results from its Phase 3 DERBY and OAKS studies of pegcetacoplan in geographic atrophy (GA).
Analysts at Oppenheimer lowered their price target on the company’s shares to $65 from $80, adjusting its model, which incorporates an updated PoS of 75% in the US for GA (from 60% previously), but moderate their estimates for potential sales and timing of approval (1H22 FDA filing, ~one year delay in EU). The brokerage awaits additional assessment of these data (Retina Society meeting 09/29-10/02) and feedback from the agency.
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