(Bloomberg) — Apellis Pharmaceuticals Inc. shares suffered their worst two-day drop on record after confirming reports that some patients experienced severe inflammation following treatment with its eye drug.
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The slump is welcome news for traders betting against Apellis. The biopharmaceutical firm’s stock sank 24% on Tuesday, extending its two-day decline to 53%, erasing roughly $5.2 billion in market value.
Short sellers have gained about $414 million in paper profits during the period, according to data from S3 Partners LLC. That’s pushed the group to a 0.66% return in 2023, or paper profits of about $51 million, from a loss of about $363 million on Friday.
Prior to the abrupt selloff, Apellis had rallied for seven consecutive months and was up 63% this year through Friday’s close. Up until this week it was among the top performers in the Nasdaq Biotech…
