Cantor Fitzgerald Cuts PT on Apellis Pharmaceuticals (APLS) to $31 From $35

Group 1 - Apellis Pharmaceuticals, Inc. (NASDAQ:APLS) reported net product revenues of $689 million for the full year 2025, with SYFOVRE® generating $587 million and EMPAVELI® contributing $102 million [2] - The company has cash and cash equivalents of $466 million as of December 31, 2025, which is projected to be sufficient to fund operations to profitability [2] - Cantor Fitzgerald cut the price target on Apellis to $31 from $35 while maintaining an Overweight rating, indicating a revision of estimates for both Syfovre and Empaveli after the fiscal Q4 earnings report [1] Group 2 - Apellis Pharmaceuticals is a commercial-stage biopharmaceutical company focused on discovering, developing, and commercializing therapeutic compounds for diseases with unmet needs [3] - The product portfolio includes SYFOVRE, which treats geographic atrophy secondary to age-related macular degeneration, and EMPAVELI, which treats paroxysmal nocturnal hemoglobinuria [3] - A regulatory submission for SYFOVRE prefilled syringe is planned for the first half of 2026 [2]