🤯 Have you seen our AI stock pickers’ 2024 results? 84.62%! Grab November’s list now.Pick Stocks with AI

Apellis Pharmaceuticals tumbles as Citron Research says 'legal action seems imminent'

Published 06/11/2023, 17:16
© Reuters.
APLS
-

Apellis Pharmaceuticals (NASDAQ:APLS) shares plunged Monday on the back of a short report from Citron Research, which said the "happy days are over" for the company.

The short-selling firm said it has "reason to believe that CEO Cedric Francois is not being honest with Wall St. about the report cases of vasculitis" regarding the company's drug Syfovre.

Citron Research pointed to the first meeting of the American Academy of Ophthalmology in San Francisco since the approval of Syfovre, where the drug was discussed.

The firm said it is highly likely that more will emerge about Apellis and Syfovre, and they believe "legal action seems imminent" and "it won't be surprising if the FDA steps in with a warning label following a more thorough review of the drug."

APLS shares are currently down more than 8% following the report, trading around the $43 per share mark. The stock hit a low of $41.19 earlier in the session.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.