Here's Why Apellis Pharmaceuticals Is Getting Hammered Today

Shares of Apellis Pharmaceuticals (NASDAQ: APLS), a biopharmaceutical company focused on rare diseases, are sliding lower on Friday. Investors responding to conflicting clinical trial data for the company's experimental blindness prevention drug pushed the stock 47.94% lower as of 10:25 a.m. EDT on Friday.

Apellis earned Food and Drug Administration approval for its first drug, Empaveli, this May so there's still a lot riding on pegcetacoplan, the next potential new drug emerging from the company's pipeline. Unfortunately, pegcetacoplan produced clinical trial results that weren't as convincing as investors had hoped.

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Source Fool.com