Why Are Apellis Pharmaceuticals Shares Falling Today?

Why Are Apellis Pharmaceuticals Shares Falling Today?
  • FDA pushed back their decision date for Apellis Pharmaceuticals Inc's APLS pegcetacoplan for geographic atrophy (GA) secondary to age-related macular degeneration (AMD) from November 26 to sometime next February.
  • The move comes after Apellis said it would submit two-year efficacy data from a pair of Phase 3 studies this month, additions the agency considers a "major amendment."
  • The FDA accepted the application under priority review status.
  • Long-term data released this past March raised expectations, as pegcetacoplan appeared to remain durable after 18 months — both in patients dosed monthly and once every two months.
  • Apellis remains on track to submit a European marketing application, including the 24-month results, by the end of 2022.
  • The drug is already approved for the rare disease paroxysmal nocturnal hemoglobinuria (PNH) and is marketed as Empaveli. In this space, Apellis has positioned its product as a challenger to AstraZeneca Plc's AZN C5 inhibitors Soliris and follow-up drug Ultomiris. 
  • Price Action: APLS shares are down 20.80% at $47.56 on the last check Friday.

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