Apellis down as Citron cautions of likely FDA warning letter

Apellis Pharmaceuticals

06/11/2023 16:10

** Shares of biopharmaceutical firm Apellis Pharmaceuticals
 APLS.O  drop 7.1% to $43.5 to hit near one-month low
    ** Investment research firm Citron "has reason to believe"
APLS is not "being honest" with investors about reported cases
of intraocular inflammation after treatment with co's drug
Syfovre 
    ** Citron cites discussions around APLS' drug at a recent
meeting of the American Academy of Ophthalmology while raising
concerns 
    ** Says legal action "seems imminent", expects U.S. health
regulator, the Food and Drug Administration, to issue a warning
letter related to the drug 
    ** Cases of intraocular inflammation were reported in July
2023
    **  Co cited some abnormalities in the 19-gauge filter
needles in Aug post-investigation
    ** APLS did not respond immediately to a request for a
comment
    ** Out of 16 brokerages tracking stock, 12 rate it "strong"
and above and four "hold"; median PT at $70 - LSEG data
    ** YTD, stock has lost 15.8%

 (Reporting by Ankika Biswas and Shristi Achar A in Bengaluru)
 ((shristi.achara@thomsonreuters.com;
Ankika.Biswas@thomsonreuters.com;))