Scotiabank cuts Apellis stock price target, keeps sector perform rating By Investing.com
On Wednesday, Scotiabank (TSX:) adjusted its outlook on Apellis Pharmaceuticals (NASDAQ:) shares, reducing the price target to $30.00 from the previous $35.00. Despite this change, the firm maintained its Sector Perform rating on the company’s stock.
This decision came after Apellis reported financial figures that fell short of expectations, with total revenues reaching $196.8 million, which was $4.3 million below forecasts, and an earnings per share (EPS) deficit of $0.46, missing estimates by $0.17.
The pharmaceutical company’s two main products, Syfovre and Empaveli, did not meet sales projections. Syfovre generated $152 million, falling short by $15.7 million, while Empaveli brought in $24.6 million, $8.4 million below…
