Wells Fargo Downgrades Apellis Pharmaceuticals to Equal-Weight, Lowers Price Target to $54
Portfolio Pulse from Benzinga Newsdesk
Wells Fargo analyst Derek Archila has downgraded Apellis Pharmaceuticals (NASDAQ:APLS) from Overweight to Equal-Weight and reduced the price target from $67 to $54.
December 14, 2023 | 4:17 pm
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Wells Fargo downgraded Apellis Pharmaceuticals to Equal-Weight and lowered its price target, indicating a more cautious outlook on the stock.
Analyst downgrades typically lead to a negative short-term reaction in the stock price as they suggest a less optimistic view of the company's future performance. The reduction in the price target further emphasizes a lowered expectation for the stock's valuation.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100