5 Worst Performing Biotech Stocks in 2023

1. Apellis Pharmaceuticals, Inc. (NASDAQ:APLS)

YTD Share Price Decline as of August 7: 53.64%

Number of Hedge Fund Holders: 42

Apellis Pharmaceuticals, Inc. (NASDAQ:APLS) focuses on the research, development, and commercialization of treatments for autoimmune and inflammatory diseases. On July 31, Apellis Pharmaceuticals, Inc. (NASDAQ:APLS) reported a Q2 GAAP loss per share of $1.02 and a revenue of $94.9 million. The EPS beat market expectations by $0.30 and revenue outperformed consensus by $23.78 million. Despite this, Bank of America downgraded Apellis Pharmaceuticals, Inc. (NASDAQ:APLS) on August 1, following safety concerns about its vision-loss medicine, Syfovre. Apellis Pharmaceuticals, Inc. (NASDAQ:APLS) is one of the worst performing biotech stocks in 2023. 

According to Insider Monkey’s first quarter database, 42 hedge funds were bullish on Apellis Pharmaceuticals, Inc. (NASDAQ:APLS). In contrast, 38 hedge funds held a similar position in the company during the previous quarter. Kurt Von Emster’s VenBio Select Advisor held the largest stake in the company, with 11.1 million shares worth $732.8 million.

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