Adam J. Townsend, the Chief Commercial Officer of Apellis Pharmaceuticals, Inc. (NASDAQ:APLS), a $3.75 billion market cap biotech company showing remarkable revenue growth of 162% over the last twelve months, recently executed a sale of the company's common stock. According to InvestingPro analysis, the stock appears undervalued at current levels. According to a recent SEC filing, Townsend sold 2,201 shares at an average price of $29.9582 per share, amounting to a total transaction value of approximately $65,937.
The sale was conducted on January 17, 2025, and was made to cover tax withholding obligations related to the release of Restricted Stock Units. Following this transaction, Townsend holds 88,068 shares of Apellis Pharmaceuticals directly.
In other recent news, Apellis Pharmaceuticals reported a robust growth trajectory with 2024 U.S. net product revenues of approximately $709 million, a 162% increase over the last twelve months. The company's lead products, SYFOVRE® and EMPAVELI®, contributed significantly to this performance with revenues of $611 million and $98 million respectively. Analysts anticipate continued sales growth in the current year, according to InvestingPro data.
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. The company announced organizational changes, including the appointment of David Acheson as Executive Vice President of Commercial, succeeding outgoing Chief Operating Officer Adam Townsend.
Furthermore, Goldman Sachs (NYSE:GS) revised its rating for Apellis from Buy to Neutral and adjusted the price target to $36.00, based on insights indicating a smaller patient pool for the treatment of geographic atrophy with Apellis' Syfovre. Meanwhile, 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, the firm also anticipates a deceleration in the growth pace in the Geographic Atrophy market. These are the recent developments for Apellis Pharmaceuticals.
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