Why Apellis Pharmaceuticals Wilted on Wednesday
A big quarterly earnings miss was the news driving down the value of Apellis Pharmaceuticals (NASDAQ: APLS) stock in the middle of the trading week. Investors didn't take this development well, and they collectively pushed down Apellis by almost 6%, on a day when the S&P 500 (SNPINDEX: ^GSPC) closed in the black with a 0.4% gain.
In its first quarter, Apellis booked revenue of $166.8 million, the bulk of which comprised slightly under $150 million in U.S. product sales. That total represented a decline of 3% year over year. Of the company's drugs, Syfovre was the top seller, bringing in revenue of over $130 million, while Empaveli was the runner-up with nearly $20 million.
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Source Fool.com
