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Why is Apellis Pharmaceuticals Inc (APLS) Stock down?
Shares of Apellis Pharmaceuticals Inc (APLS) dropped by 17.02% from $62.88 to $52.18 in the trading on Thursday, December 14, 2023. The reason why APLS down today is due to disappointing news related to Apellis Pharmaceuticals Inc's European marketing authorization application (MAA) for its treatment of age-related macular degeneration. The company received a negative trend vote on this application, causing APLS stock to tumble by 14%.
- European Medicines Agency's Decision: Following a meeting with the European Medicines Agency, Apellis Pharmaceuticals Inc expects a negative opinion to be adopted during the Committee's next session scheduled for January 22-25, 2024. In response, the company plans to appeal the decision and seek re-examination.
- Impact and Background: Apellis expressed disappointment and concern for European patients affected by geographic atrophy, a leading cause of blindness, who lack treatment options. The MAA was based on favorable data from late-stage trials over 24 months, published in The Lancet. Over 2.5 million people in Europe suffer from geographic atrophy.
Shares of Apellis Pharmaceuticals (APLS) dropped by 5.05% from $49.32 to $46.83 in the trading on Friday, November 3, 2023. The reason why APLS down is due to its Q3 2023 results. APLS reported a loss of $1.17 per share, wider than the expected loss of *84 cents. Despite this loss, APLS managed to exceed revenue expectations, reaching $110.4 million compared to the estimated $101 million. This mixed performance in earnings contributed to the stock's downturn.
Apellis Pharmaceuticals, Inc. (APLS) declined 6.87% to $43.77 on Friday following that insider Nur Nicholson sold 20,350 shares of the firm’s stock in a transaction that occurred on Monday, September 18th.
Apellis Pharmaceuticals' shares declined by 5.4% following its announcement of a workforce reduction of 25% as part of a restructuring plan to support the growth of its geographic atrophy treatment Syfovre.
Apellis Pharmaceuticals shares fell 19.58% after reporting seven cases of retinal vasculitis following injections of Syfovre pegcetacoplan in real-world use, despite no such cases during clinical trials, and the company denies any link to its drug product or manufacturing.
APLS's stock fell 23.75% after reporting that it received six reports of retinal vasculitis from users of its drug syfovre. Apellis Pharma said that this incident occurred in roughly 0.01% of all injections. They furthered that 60,000 vials of syfovre were allotted and no instances of retinal vasculitis had been found through all clinical trials.
APLS's stock fell 37.92% amid safety concerns regarding the company's newly launched Syfovre (pegcetacoplan injection) for geographic atrophy (GA) secondary to age-related macular degeneration (AMD).
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