Apellis Pharmaceuticals Inc. (APLS) Plunges 3.66% on RBC Price Target Cut

Apellis Pharmaceuticals Inc. (APLS) shares fell 3.66% today, marking the second consecutive day of decline, with a total drop of 4.56% over the past two days. The stock price hit its lowest level since March 2020, experiencing an intraday decline of 5.60%.

RBC Capital Markets has lowered its price target for Apellis Pharmaceuticals Inc. (APLS) from $24 to $21. This adjustment reflects a more pessimistic outlook on Apellis's Syfovre and the broader geographic atrophy (GA) market. The reduced price target is likely to have contributed to the recent decline in APLS stock price, as investors reassess the company's prospects in light of the revised expectations.

Apellis Pharmaceuticals Inc. (APLS) has been facing challenges in the geographic atrophy (GA) market, which has led to a more negative sentiment towards the company's Syfovre. The reduced price target by RBC Capital Markets is a reflection of this sentiment, and it is likely to have a significant impact on the company's stock price in the near future. Investors will be closely watching Apellis's performance in the GA market and any updates on Syfovre's progress.