Apellis falls as EU panel confirms negative opinion for eye disease drug
** Shares of Apellis Pharmaceuticals APLS.O fall 3.7% to $35.36 premarket
** Apellis says European drug regulator's Committee for Medicinal Products for Human Use (CHMP) has confirmed negative opinion on its experimental drug, pegcetacoplan
** Pegcetacoplan is an experimental treatment for geographic atrophy, a progressive and irreversible eye disease caused by growth of lesions that destroy retinal cells responsible for vision
** "The outcome comes as no surprise to us, as we found the chances of a positive opinion for approval relatively low," according to Mizuho analysts
** Mizuho cut PT on APLS to $39 from $42, which represents ~6% upside to the stock's last close
** APLS in June had sought re-examination of CHMP's negative opinion on marketing application for the drug
** Up to last close, stock down ~39% YTD
Reporting by Mariam Sunny in Bengaluru
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