Mizuho Lowers Price Target on Apellis Pharmaceuticals (APLS) Amid Ongoing Eye Disease Therapy Challenges

Core Insights - Apellis Pharmaceuticals Inc. is considered one of the most oversold biotech stocks to invest in, with a Neutral rating maintained by Mizuho and a price target reduction from $24 to $19 [1] Financial Performance - In Q3 2025, Syfovre's revenue was $150.9 million, slightly down from $152.0 million in Q3 2024, but there was a 4% quarter-over-quarter increase in injections [2] - Apellis Pharmaceuticals reported that Syfovre holds over 60% market share in the geographic atrophy (GA) treatment area, with 52% of new patient starts in Q3 2025 [2] - Mizuho has lowered its revenue projections for Syfovre, now estimating a peak annual revenue of about $800 million, which is 25-30% lower than consensus estimates [2] Company Overview - Apellis Pharmaceuticals Inc. is a commercial-stage biopharmaceutical company focused on discovering, developing, and commercializing novel therapeutic compounds for diseases with high unmet needs [2]