Caroline Baumal, the Chief Medical (TASE:PMCN) Officer of Apellis Pharmaceuticals, Inc. (NASDAQ:APLS), a $3.75 billion market cap company currently trading at $30.1 per share, recently reported a sale of company stock, according to a filing with the Securities and Exchange Commission. InvestingPro analysis suggests the stock is currently undervalued, with the company showing a significant 8.11% return over the past week. On January 17, 2025, Baumal sold 1,853 shares of common stock at an average price of $29.96 per share, totaling approximately $55,512. This transaction was conducted to cover tax withholdings on restricted stock units released on January 16, 2025.
Following this sale, Baumal's direct ownership in Apellis Pharmaceuticals stands at 53,707.37 shares. Additionally, on January 21, 2025, Baumal received a grant of 39,594 restricted stock units, which will vest 25% annually over four years, contingent upon continued service. This grant was made at no cost. After these transactions, Baumal's total holdings in the company amount to 93,301.37 shares.
In other recent news, Apellis Pharmaceuticals reported strong financial performance with net product revenues of approximately $709 million in 2024, a significant increase of 162% over the last twelve months. The company's lead products, SYFOVRE® and EMPAVELI®, were key contributors to this growth. Analysts from InvestingPro anticipate continued sales growth in the current year. Recent developments include the planned submission of a supplemental new drug application for EMPAVELI® for the treatment of rare kidney diseases, with a U.S. launch expected in the second half of 2025, if approved.
Furthermore, Apellis announced organizational changes, including the appointment of David Acheson as Executive Vice President of Commercial, following the departure of Chief Operating Officer Adam Townsend. The company also reported a strong financial position with year-end cash of approximately $410 million.
In recent analyst notes, 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, Goldman Sachs 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 some of the recent developments for Apellis Pharmaceuticals.
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