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Latest Developments at Apellis Pharmaceuticals

Mark Jeffrey DeLong, the Chief Business & Strategy Officer at Apellis Pharmaceuticals, Inc., recently executed a transaction involving 1,396 shares of the company’s common stock. The shares were sold at an average price of $30.4255 each, with the total sale value reaching approximately $42,473. This transaction aimed to address tax withholding responsibilities connected to the release of Restricted Stock Units that will take effect on January 21, 2025. After this sale, DeLong retains ownership of 84,673 shares of Apellis.

In other noteworthy news, Apellis Pharmaceuticals announced substantial U.S. net product revenues of about $709 million for the full year 2024, reflecting a robust growth pattern over the previous twelve months. The company’s flagship products, SYFOVRE® and EMPAVELI®, have played a crucial role in achieving this financial success. Analysts from InvestingPro anticipate a continuation of this upward sales trend in the ongoing year.

Looking ahead, Apellis is gearing up to submit a supplemental new drug application (sNDA) for EMPAVELI®, targeting the treatment of rare kidney diseases, with a potential U.S. launch planned for the latter half of 2025, contingent on receiving the necessary approvals. The company is also undergoing leadership changes, as David Acheson has been appointed the new Executive Vice President of Commercial, stepping in to replace outgoing Chief Operating Officer Adam Townsend.

Market analysts have provided mixed assessments regarding Apellis. Goldman Sachs has adjusted its rating for the company from Buy to Neutral, citing concerns over a diminished patient population eligible for treatment of geographic atrophy with the company’s Syfovre product. Conversely, Morgan Stanley has initiated an Equalweight rating, projecting revenue of over $600 million approximately two years after the launch of Syfovre, albeit foreseeing a slowdown in market growth related to Geographic Atrophy.

Moreover, RBC Capital Markets has revised its stock price target for Apellis, now setting it at $26.00, up from a previous target of $24.00, while maintaining a Sector Perform rating. These analytical evaluations highlight the evolving environment surrounding Apellis Pharmaceuticals as it navigates its future strategy and market positioning.

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