Stock Track | Apellis Stock Plunges 14% After Disappointing Q3 Results, Regulatory Setback

Stock Track11-05

Apellis Pharmaceuticals Inc. (NASDAQ: APLS) experienced a significant sell-off on Monday, with its stock plummeting by 14.53% in the wake of the company's disappointing third-quarter financial results and a regulatory setback for one of its key products.

The biopharmaceutical company reported a wider-than-expected net loss of $0.46 per share for the third quarter of 2024, missing analysts' consensus estimate of a $0.30 loss per share by a substantial margin. Apellis' revenue for the quarter also fell short of expectations, coming in at $196.83 million, compared to analysts' estimates of $200.35 million.

While Apellis' revenue grew by an impressive 78.29% compared to the same period last year, the weaker-than-anticipated financial performance raised concerns among investors about the company's growth prospects and its ability to achieve profitability in the near future. The disappointing results overshadowed Apellis' statement that its projected revenues and cash are expected to be sufficient to fund operations until it achieves positive cash flow.

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