Shares of Apellis Pharmaceuticals (NASDAQ:) tumbled Tuesday, hitting a low of $38.25 per share. While the reason for the decline wasn’t clear, some speculated it could be tied to comments from analysts at Mizuho.
In a note to clients, the analysts at Mizuho cut the firm’s price target for the stock to $52 from $60 per share, saying they have updated their model.
APLS’s stock is currently trading at $43.87, down 8.3% from Monday’s close.
The firm’s key model updates include introducing its first-time 2024 quarterly estimates. For Syfovre, Mizuho now projects Q1 revenue of $126 million. For US Empaveli revenue, Mizuho now sees $26 million.
Furthermore, the firm has adjusted its Syfovre revenue and OpEx assumptions, removed a contribution of pegcetacoplan/Empaveli in cold agglutinin disease, and in light of last Friday’s update from the company, Mizuho has increased the probability of success/POS assumption to 20% from its prior 10% for approval for pegcetacoplan in Europe.
Mizuho maintained a Neutral rating on the stock.
