Karen Lewis (JO:LEWJ), the Chief People Officer at Apellis Pharmaceuticals, Inc. (NASDAQ:APLS), a $3.75 billion market cap biotech company, recently sold 1,241 shares of common stock. The shares were sold at an average price of $29.96 each, totaling approximately $37,178. This transaction took place on January 17, 2025, amid an 8.11% stock price rally over the past week. Following the sale, Lewis retained 43,858 shares. According to InvestingPro analysis, APLS currently appears undervalued, with analyst price targets suggesting significant upside potential.
In a separate transaction on January 21, 2025, Lewis was awarded 28,508 Restricted Stock Units (RSUs), which were granted at no cost. These RSUs will vest 25% annually over four years, contingent upon continued service. After this award, Lewis's total shareholding increased to 72,366 shares. While the company maintains a strong financial health score according to InvestingPro, which shows 8 additional key insights about APLS's future prospects, analysts do not expect profitability this year despite projected sales growth.
In other recent news, Apellis Pharmaceuticals reported a full-year 2024 U.S. net product revenue of approximately $709 million, marking a significant growth trajectory. The company's lead products, SYFOVRE® and EMPAVELI®, contributed significantly to this performance. Recent developments include the planned submission of a supplemental new drug application for EMPAVELI® for the treatment of rare kidney diseases C3G and primary IC-MPGN. The company also announced organizational changes, including the departure of Chief Operating Officer Adam Townsend.
Analysts from Jefferies and RBC (TSX:RY) Capital Markets reassessed the market outlook for Apellis' eye drug, Syfovre, following FDA's acceptance of a revised supplemental application from competitor Astellas Pharma. Despite this, Jefferies analyst Akash Tewari maintains a buy rating, noting potential near-term incremental upside for 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.
Goldman Sachs (NYSE:GS) 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. 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.
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