Apellis Pharma gains as Raymond James raises PT

NGM Biopharmaceuticals

18/10/2022 17:06

** Apellis Pharmaceuticals Inc's shares  APLS.O  rise 2.5%
to $58.90
    ** Raymond James & Associates reiterates "strong buy" rating
and raises PT to $123 from $113 
    ** Brokerage raises its estimates for the probability of
approval of APLS's experimental drug, pegcetacoplan, to treat
lesion related to geographic atrophy, to 90% from 75%
    ** Says the confidence is based on lack of any issue in the
drug so far, and failure of NGM Biopharmaceuticals Inc's  NGM.O 
experimental drug to achieve statistically significant reduction
in lesion growth 
    ** Geographic atrophy is advanced form of dry age-relate
macular degeneration, which cause deterioration of vision, with
no FDA approved treatment 
    ** Including session losses, stock up ~27% YTD 
 (Reporting by Khushi Mandowara)
 ((Khushi.Mandowara@thomsonreuters.com;))