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Fly News Breaks for January 7, 2020
APLS
Jan 7, 2020 | 15:27 EDT
Oppenheimer analyst Justin Kim reiterated an Outperform rating on Apellis Pharmaceuticals and increased his price target on the shares to $62 from $52 following "positive" Phase 3 PEGASUS data in paroxysmal nocturnal hemoglobinuria. Kim said that top-line improvement in adjusted means of 3.8g/dL in hemoglobin, in addition to corresponding secondary results from PEGASUS, have "favorably outstripped" his bullish scenario analysis. The analyst added that with a number of clinical questions having been "resoundingly" addressed, he expects the road to commercialization for pegcetacoplan to be dominated in 2020 by pre-commercial and regulatory activities. Kim said he expects additional data in June at EHA 2020, followed by regulatory updates in the middle of 2020 and a possible NDA filing before the end of 2020.
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