Shares of Apellis Pharmaceuticals Inc. (APLS) took a sharp dive in Monday's intraday trading, plummeting 5.05% following a significant price target cut by a major financial firm. The biotechnology company, which focuses on the development of novel therapeutic compounds, saw its stock come under pressure as investors reacted to the downward revision.

The catalyst for the sell-off was a report from Mizuho, which lowered its target price for Apellis Pharmaceuticals from $24 to $19. This represents a substantial 20.8% reduction in the firm's valuation outlook for the company. The price target cut suggests that Mizuho analysts have become more conservative in their assessment of Apellis's future prospects or valuation.

While the specific reasons behind Mizuho's decision were not immediately clear, such revisions often reflect changes in a company's financial outlook, market conditions, or sector-specific challenges. Investors and market participants will likely be watching closely for any additional analyst comments or company updates that might provide more context to this price target reduction and its potential impact on Apellis Pharmaceuticals' business outlook.