Shares of Apellis Pharmaceuticals Inc. (APLS) plummeted 5.03% during intraday trading on Wednesday, following a significant price target cut by Mizuho analysts. The sharp decline comes as investors react to the lowered expectations for the biopharmaceutical company's stock.

Mizuho, a prominent financial services group, reduced its target price for Apellis Pharmaceuticals from $30 to $20, representing a substantial 33% decrease. Despite the price target cut, the firm maintained its Neutral rating on the stock, suggesting a cautious stance on the company's near-term prospects.

The reasons behind Mizuho's decision to lower the price target were not immediately clear. However, such adjustments often reflect changes in a company's financial outlook, market conditions, or sector-specific challenges. Investors appear to be reassessing their positions in light of this new analyst perspective, leading to the significant sell-off in Apellis Pharmaceuticals' shares.