Adam J. Townsend, the Chief Commercial Officer of Apellis Pharmaceuticals, Inc. (NASDAQ:APLS), a $3.47 billion market cap biotech company, recently sold a portion of the company's common stock. The sale comes amid a challenging period for APLS shares, which have declined over 17% in the past week. According to a recent SEC filing, Townsend sold 2,685 shares on January 13, 2025, at a price of $28.7021 per share, amounting to a total transaction value of $77,065.
The sale was conducted to cover tax withholding obligations related to Restricted Stock Units released earlier in January. Following this transaction, Townsend retains ownership of 90,269 shares, which includes shares acquired through an Employee Stock Purchase Plan in April 2024.
In other recent news, Apellis Pharmaceuticals reported full-year 2024 U.S. net product revenues of approximately $709 million, a growth trajectory of 162% over the last twelve months. The company's lead products, SYFOVRE® and EMPAVELI®, contributed significantly to this performance. Analysts from InvestingPro anticipate continued sales growth. Apellis is 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.
The company announced organizational changes, including the appointment of David Acheson as Executive Vice President of Commercial. Goldman Sachs 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. Piper Sandler maintained its Neutral rating on Apellis shares, following a setback for competitor Astellas Pharma, which could potentially give Apellis' Syfovre a competitive edge. These are recent developments for Apellis Pharmaceuticals.
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