David O. Watson, the General Counsel at Apellis Pharmaceuticals, Inc. (NASDAQ:APLS), recently sold 4,965 shares of the company's common stock. The transaction, which took place on January 13, 2025, was executed at an average price of $28.7021 per share, totaling approximately $142,505. The sale comes amid a challenging period for Apellis, with the stock down about 17% over the past week. According to InvestingPro analysis, the company's shares currently appear undervalued, with a strong liquidity position reflected in its current ratio of 4.36.
Following this sale, Watson retains direct ownership of 107,756 shares. Additionally, he holds indirect ownership in several accounts: 3,333 shares in a custodial account for his son, 70,136 shares in The David O. Watson Irrevocable Trust of 2023, and 6,667 shares in The Watson Education Trust. The sale was conducted to cover tax withholding obligations related to recently released Restricted Stock Units. For deeper insights into Apellis's financial health (rated as FAIR by InvestingPro) and exclusive analysis, investors can access the comprehensive Pro Research Report, available with an InvestingPro subscription.
In other recent news, Apellis Pharmaceuticals reported impressive full-year 2024 U.S. net product revenues of approximately $709 million, with lead products SYFOVRE® and EMPAVELI® contributing significantly to this growth. The company plans to submit a supplemental new drug application for EMPAVELI® for the treatment of rare kidney diseases, with a U.S. launch anticipated in the second half of 2025 if approved. Organizational changes include the departure of Chief Operating Officer Adam Townsend, to be succeeded by David Acheson.
The company is also preparing for Phase 3 studies for pegcetacoplan in two other nephrology indications in the latter half of 2025. Analysts at InvestingPro anticipate continued sales growth for Apellis. Goldman Sachs, however, revised its rating for Apellis from Buy to Neutral, citing a smaller patient pool for the treatment of geographic atrophy with Apellis' Syfovre.
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, the firm also anticipates a deceleration in the growth pace in the Geographic Atrophy market. Lastly, 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. These are recent developments for Apellis Pharmaceuticals.
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