Karen Lewis (JO:LEWJ), the Chief People Officer of Apellis Pharmaceuticals Inc. (NASDAQ:APLS), recently sold a portion of her holdings in the company. According to a filing with the U.S. Securities and Exchange Commission, Lewis sold 1,599 shares of common stock on January 13, 2025. The shares were sold at an average price of $28.7021 each, totaling approximately $45,894. The transaction comes amid a challenging period for the $3.47 billion market cap company, whose stock has declined over 17% in the past week. InvestingPro analysis suggests the stock is currently undervalued.
This transaction was conducted to cover tax withholding obligations related to Restricted Stock Units that were released on January 10, 2025. Following this sale, Lewis holds 45,099 shares in the company, which includes shares acquired through the Employee Stock Purchase Plan in 2024. The company maintains a strong financial position with a current ratio of 4.36, indicating robust liquidity. For deeper insights into insider trading patterns and comprehensive financial analysis, consider accessing the detailed Pro Research Report available on InvestingPro.
In other recent news, Apellis Pharmaceuticals reported robust 2024 revenues of approximately $709 million, marking a significant 162% growth trajectory over the last twelve months. The company's lead products, SYFOVRE® and EMPAVELI®, played a major role in this performance, generating net revenues of $611 million and $98 million respectively. Additionally, Apellis is preparing to submit a supplemental new drug application (sNDA) for EMPAVELI® for the treatment of rare kidney diseases C3G and primary IC-MPGN.
In terms of organizational changes, Apellis announced the departure of Chief Operating Officer Adam Townsend, who will be succeeded by David Acheson as Executive Vice President of Commercial. Furthermore, Apellis reported positive Phase III results for EMPAVELI in treating C3 glomerulopathy and immunoglobulin M-associated membranoproliferative glomerulonephritis, with a supplemental New Drug Application (sNDA) submission expected in early 2025.
On the analyst front, 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 the recent developments for Apellis Pharmaceuticals.
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