Francois Cedric, the Chief Executive Officer of Apellis Pharmaceuticals, Inc. (NASDAQ:APLS), recently sold 6,007 shares of common stock. The transaction, which took place on January 17, 2025, was executed at an average price of $29.9582 per share, amounting to a total value of approximately $179,958. This sale was conducted to cover tax obligations related to the release of Restricted Stock Units. The stock currently trades at $30.13, with InvestingPro analysis suggesting the company is undervalued despite its impressive 162% revenue growth over the last twelve months.
In a separate transaction on January 21, 2025, Francois received an award of 130,662 Restricted Stock Units, which vest 25% annually over four years, contingent on continued service. This acquisition was recorded at no cost.
Following these transactions, Francois holds 301,408 shares directly and maintains indirect ownership over additional shares held in various trusts, including The Cedric Francois Irrevocable Trust of 2023 and The Francois Grossi Trust.
In other recent news, Apellis Pharmaceuticals reported significant revenue growth, with preliminary full-year 2024 U.S. net product revenues reaching approximately $709 million. This growth was largely driven by the company’s lead products, SYFOVRE® and EMPAVELI®, which raked in $611 million and $98 million in net revenues respectively. Analysts, according to InvestingPro data, predict continued sales growth.
Apellis is also preparing to submit a supplemental new drug application (sNDA) for EMPAVELI® for the treatment of rare kidney diseases C3G and primary IC-MPGN, with a U.S. launch anticipated in the second half of 2025. In addition, organizational changes have been announced, with David Acheson succeeding Adam Townsend as Executive Vice President of Commercial.
Analyst firms have offered varied assessments of Apellis’ prospects. 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. Conversely, 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. These are the recent developments for Apellis Pharmaceuticals.
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