WALTHAM, MA—Timothy Eugene Sullivan, Chief Financial Officer of Apellis Pharmaceuticals, Inc. (NASDAQ:APLS), a biopharmaceutical company with a market capitalization of $3.75 billion, recently executed a sale of company stock, according to a filing with the Securities and Exchange Commission. The company's stock has shown strong momentum, gaining over 8% in the past week according to InvestingPro data. On January 17, Sullivan sold 1,730 shares of Apellis common stock at an average price of $29.96 per share, amounting to a total transaction value of $51,827. This sale was conducted to cover tax withholding obligations related to a release of Restricted Stock Units. InvestingPro analysis indicates the company maintains strong liquidity with a current ratio of 4.36, suggesting robust financial health despite operating with moderate debt levels.
In a separate transaction on January 21, Sullivan acquired 45,929 shares through a Restricted Stock Unit award. These shares were granted at no cost and will vest at 25% annually over four years, contingent on continued service with the company.
Following these transactions, Sullivan directly owns 132,299 shares of Apellis Pharmaceuticals. Additionally, 70,396 shares are held indirectly by The Timothy E Sullivan Irrevocable Trust of 2023, with Patrick O. Collins serving as trustee. Sullivan disclaims beneficial ownership of these shares except to the extent of his pecuniary interest in the trust. Investors seeking deeper insights into APLS can access comprehensive analysis and 7 additional ProTips through InvestingPro, which indicates the stock is currently trading below its Fair Value.
In other recent news, Apellis Pharmaceuticals reported a significant growth in revenue for 2024, with a total net product revenue of approximately $709 million. This growth was largely driven by the company's leading products, SYFOVRE® and EMPAVELI®, which contributed $611 million and $98 million respectively. Analysts from InvestingPro anticipate continued sales growth in the current year. Apellis is also preparing to submit a supplemental new drug application for EMPAVELI® for the treatment of rare kidney diseases, with a U.S. launch expected in the latter half of 2025 if approved. The company recently announced organizational changes, including the departure of Chief Operating Officer Adam Townsend, who will be succeeded by David Acheson.
In addition to these developments, Apellis has experienced several significant analyst revisions. Jefferies analyst Akash Tewari maintains a buy rating for the company, citing potential near-term upside for Syfovre, despite a revised supplemental application from competitor Astellas Pharma. 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. However, Goldman Sachs revised its rating for Apellis from Buy to Neutral and adjusted the price target to $36.00, following insights indicating a smaller patient pool for the treatment of geographic atrophy with Apellis' Syfovre. These are some of the recent developments for Apellis Pharmaceuticals.
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