Timothy Eugene Sullivan, the Chief Financial Officer of Apellis Pharmaceuticals, Inc. (NASDAQ:APLS), recently reported the sale of 2,170 shares of common stock. The shares were sold at an average price of $28.7021 each, totaling approximately $62,283. Following this transaction, Sullivan holds 88,100 shares directly. The sale comes amid a challenging period for Apellis, with the stock down over 17% in the past week. According to InvestingPro analysis, the company maintains a strong liquidity position with a current ratio of 4.36.
The sale was executed to cover tax withholding obligations related to Restricted Stock Units released on January 10, 2025. Additionally, Sullivan has indirect ownership of 70,396 shares through The Timothy E Sullivan Irrevocable Trust of 2023, managed by trustee Patrick O. Collins. Sullivan disclaims beneficial ownership of these shares except for his financial interest in the trust. InvestingPro analysis suggests the stock is currently undervalued, with multiple additional insights available through the platform's comprehensive Pro Research Report, which covers over 1,400 US stocks.
In other recent news, Apellis Pharmaceuticals reported a full-year 2024 U.S. net product revenue of around $709 million, marking a 162% growth over the last twelve months. Analysts from InvestingPro anticipate continued sales growth for the company. The biopharmaceutical company's lead products, SYFOVRE® and EMPAVELI®, significantly contributed to this performance with net revenues of $611 million and $98 million, respectively.
Apellis is also preparing for the submission of a supplemental new drug application (sNDA) for EMPAVELI® for the treatment of rare kidney diseases C3G and primary IC-MPGN. Organizational changes have also taken place, with David Acheson succeeding Adam Townsend as Executive Vice President of Commercial.
In recent developments, the FDA's acceptance of a revised supplemental application from competitor Astellas Pharma for its eye drug led to a reassessment of the market outlook for Apellis' own eye drug, Syfovre, according to Jefferies and RBC Capital Markets. Despite this, Jefferies analyst Akash Tewari maintains a buy rating.
Morgan Stanley (NYSE:MS) initiated coverage on Apellis with an Equalweight rating, predicting over $600 million in revenue approximately two years post-launch of Syfovre. Goldman Sachs revised its rating for Apellis from Buy to Neutral, following insights indicating a smaller patient pool for the treatment of geographic atrophy with Apellis' Syfovre. These are the recent developments for Apellis Pharmaceuticals.
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