Karen Lewis (JO:), Chief Human Resources Officer of Apellis Pharmaceuticals Inc. (NASDAQ: ), recently sold part of its stake in the company. According to a filing with the US 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, for a total of approximately $45,894. The transaction comes amid a challenging period for the $3.47 billion market cap company, whose shares have fallen more than 17% in the past week. InvestingPro analysis suggests that the stock is currently undervalued.
This transaction was completed to cover the withholding tax obligations related to the restricted stock units that vested on January 10, 2025. Following this sale, Lewis holds 45,099 shares in the company, which includes shares acquired through the 2024 Employee Stock Purchase Plan. strong financial position with a current ratio of 4.36, indicating strong liquidity. For deeper insight into insider trading patterns and comprehensive financial analysis, consider accessing the detailed Pro Research Report available at InvestingPro.
In other recent news, Apellis Pharmaceuticals reported strong 2024 revenue of approximately $709 million, marking a significant growth trajectory of 162% over the past twelve months. The company’s flagship products, SYFOVRE® and EMPAVELI®, played a major role in this performance, generating net revenues of $611 million and $98 million, respectively. In addition, Apellis is preparing to submit a Supplemental New Drug Application (sNDA) for EMPAVELI® for the treatment of rare kidney disease 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 the treatment of C3 glomerulopathy and immunoglobulin M-related membranoproliferative glomerulonephritis, with a supplemental new drug application (sNDA) expected in early 2025.
As for analysts, Morgan Stanley (NYSE: ) initiated coverage on Apellis with an Equalweight rating, forecasting more than $600 million in revenue about two years after Syfovre’s launch. However, Goldman Sachs revised its rating on Apellis from Buy to Neutral and adjusted its price target to $36.00, following insights indicating fewer patients for the treatment of geographic atrophy with Apellis’ Syfovre. These are the latest developments for Apellis Pharmaceuticals.
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