Nicholson Nur, Chief Technical Officer of Apellis Pharmaceuticals, Inc. (NASDAQ:APLS), recently sold 2,632 shares of the company's common stock. The shares were sold at an average price of $28.70, totaling approximately $75,543. This transaction was executed on January 13, 2025, as reported in the latest SEC filing. The sale comes amid a challenging period for the $3.47 billion market cap company, whose stock has declined over 17% in the past week. According to InvestingPro analysis, the stock appears undervalued at current levels.
According to the filing, the shares were sold to cover tax withholding obligations related to Restricted Stock Units released earlier in the month. Following the sale, Nur holds 54,156 shares in the company, which includes 501 shares acquired through an Employee Stock Purchase Plan on April 30, 2024. The company maintains a strong liquidity position with a current ratio of 4.36, indicating ample assets to meet short-term obligations. Discover more insights and 7 additional ProTips with an InvestingPro subscription.
In other recent news, Apellis Pharmaceuticals reported full-year U.S. net product revenues of approximately $709 million in 2024, a 162% growth over the last twelve months. This growth was primarily driven by the company's lead products, SYFOVRE® and EMPAVELI®, which generated $611 million and $98 million in net revenues respectively. The company is preparing to submit a supplemental new drug application for EMPAVELI® for the treatment of rare kidney diseases C3G and primary IC-MPGN, with a U.S. launch expected in the second half of 2025.
Recent developments also include organizational changes, with David Acheson succeeding Adam Townsend as Executive Vice President of Commercial. Analysts from firms such as Jefferies, RBC Capital Markets, and Morgan Stanley (NYSE:MS) have provided their outlooks on the company's prospects. Jefferies maintains a buy rating, noting potential upside for SYFOVRE®, while Goldman Sachs revised its rating from Buy to Neutral, citing a smaller patient pool for the treatment of geographic atrophy.
Apellis is also planning to initiate Phase 3 studies for pegcetacoplan in two other nephrology indications in the latter half of 2025. The company 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. These are the recent developments for Apellis Pharmaceuticals.
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