01:27 PM EDT, 09/20/2024 (MT Newswires) -- Apellis Pharmaceuticals ( APLS ) is unlikely to see a significant boost in sales, Wedbush said Friday, after the drugmaker's bid to win marketing approval in Europe for its Syfovre medication was again stymied.

The European Medicines Agency this week turned down Apellis' second try at authorization for sale of its Syfovre injection to treat geographic atrophy secondary to age-related macular degeneration, an eye condition. The decision follows a similar rejection for the drug in June and likely closes the door on "a broader addressable market opportunity," the Wedbush analysts wrote Friday in a new research note.

Apellis will likely eliminate around 40 jobs in Europe in response to the decision, but there are other potential markets for Syfovre still available, including the UK, Switzerland, Canada and Australia, with decisions likely in early 2025, Wedbush said.

Wedbush analysts cut their price target for Apellis to $35 from $41 and reiterated neutral rating. "We see limited catalysts that have the potential to get shares working higher," and placing more focus on the more competitive US market.

Apellis shares recently were down more than 14%.

Price: 31.49, Change: -5.24, Percent Change: -14.27