Apellis's Stock Under Pressure On Syfovre Safety Concerns: Analyst Slashes Price Target
Portfolio Pulse from Vandana Singh
Apellis Pharmaceuticals Inc's stock has dropped around 50% due to safety concerns related to its product, Syfovre. The company disclosed that retinal vasculitis events are occurring at a rate of ~1/10,000 injections. Wedbush analyst has lowered the price target from $86 to $40, with a Neutral rating. The analyst also mentioned that the potential entry of Zimura from Iveric Bio/Astellas could affect Syfovre's market share.
July 20, 2023 | 5:38 pm
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NEGATIVE IMPACT
Apellis's stock has dropped significantly due to safety concerns over its product, Syfovre. The lowered price target by Wedbush analyst and potential competition from Zimura could further impact the stock.
The safety concerns over Apellis's product, Syfovre, have led to a significant drop in its stock price. The lowered price target by Wedbush analyst indicates a negative outlook for the stock. Additionally, the potential entry of Zimura from Iveric Bio/Astellas could pose a threat to Syfovre's market share, further impacting Apellis's stock.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100