Apellis slides as EU panel confirms negative opinion for eye disease drug
20/09/2024 18:00
(Updates)
** Shares of Apellis Pharmaceuticals APLS.O decline 14.3%
to $31.46, hitting their lowest level since August 2023
** Apellis says European drug regulator's Committee for
Medicinal Products for Human Use (CHMP) has confirmed negative
opinion on its experimental drug, pegcetacoplan
** Pegcetacoplan is an experimental treatment for geographic
atrophy, a progressive and irreversible eye disease caused by
growth of lesions that destroy retinal cells responsible for
vision
** "The outcome comes as no surprise to us, as we found the
chances of a positive opinion for approval relatively low,"
according to Mizuho analysts
** Mizuho cut PT on APLS to $39 from $42, which represents
~6% upside to the stock's last close
** APLS in June had sought re-examination of CHMP's negative
opinion on marketing application for the drug
** Including session's moves, stock down ~47% YTD
(Reporting by Mariam Sunny and Bhanvi Satija in Bengaluru)
((Mariam.ESunny@thomsonreuters.com;))