Mark Jeffrey DeLong, Chief Business & Strategy Officer at Apellis Pharmaceuticals, Inc. (NASDAQ:APLS), recently executed a notable stock transaction. On January 17, DeLong sold 1,235 shares of Apellis common stock at an average price of $29.96 per share, amounting to a total value of approximately $36,998. This sale was conducted to cover tax withholding obligations related to the release of Restricted Stock Units on January 16.
Additionally, on January 21, DeLong received a Restricted Stock Unit award of 28,508 shares. These units are set to vest 25% annually over four years, contingent on continued service with the company. Following these transactions, DeLong holds a total of 86,069 shares of Apellis common stock.
In other recent news, Apellis Pharmaceuticals reported impressive full-year 2024 U.S. net product revenues of approximately $709 million, a 162% growth over the last twelve months. The company's lead products, SYFOVRE® and EMPAVELI®, significantly contributed to this performance. Apellis is also preparing for the submission of a supplemental new drug application (sNDA) for EMPAVELI® for the treatment of rare kidney diseases, with a U.S launch anticipated in 2025 if approved.
In addition, Apellis announced organizational changes, including the appointment of David Acheson as Executive Vice President of Commercial succeeding the departing Chief Operating Officer, Adam Townsend. The company maintains a strong financial position with year-end cash of approximately $410 million.
Analysts from Jefferies and RBC (TSX:RY) Capital Markets reassessed the market outlook for Apellis' eye drug, Syfovre, following the 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. 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. These are recent developments in Apellis Pharmaceuticals.
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