Why Apellis Pharmaceuticals Stock Was Tumbling on Tuesday
Tuesday's big news with Apellis Pharmaceuticals (NASDAQ: APLS) wasn't all that favorable to the company. It released its third-quarter results, and the market wasn't all that pleased with the figures.
In late-session trading, investors were selling out of Apellis, to the point where its price was down by nearly 6%. By contrast, the S&P 500 (SNPINDEX: ^GSPC) index was comfortably in positive territory, with a more than 1% gain at that stage.
Apellis unveiled those results before market hours on Tuesday, disclosing that its revenue for the quarter was just under $197 million. That was well above the more than $110 million in the same period of 2023. The company also managed to narrow its generally accepted accounting principles (GAAP) net loss considerably, to $57 million ($0.46 per share) from the year-ago $140 million deficit.
Source Fool.com
