Apellis Pharmaceuticals falls on wider-than-expected Q3 loss
05/11/2024 14:42
** Shares of biopharmaceutical firm Apellis Pharmaceuticals
APLS.O fall 8.9% to $26.02
** APLS opens at near three-month low
** Co reports wider-than-expected loss in Q3
** Q3 loss at 46 cents/shr vs. estimates of loss of 30
cents/shr - LSEG
** Co reported Q3 rev of $196.8 mln vs. estimates of
$200.35 mln - LSEG
** APLS's SYFOVRE injection, which treats a macular
degeneration disorder called geographic atrophy (GA) received a
negative opinion from the Committee for Medicinal Products for
Human Use (CHMP) in September
** SYFOVRE net selling price declined relative to previous
quarters due to an increase in gross-to-net adjustments - APLS
** Co also expect regulatory decisions in the U.K.,
Switzerland, Canada and Australia in early 2025 for SYFORVE
** 15 of 21 analysts that cover APLS rate the stock "buy" or
higher, 6 "hold", median PT is $68 - LSEG
** As of last close, stock down ~52% YTD
(Reporting by Ragini Mathur)
((Ragini.Mathur@thomsonreuters.com;))