Apellis Pharmaceuticals (NASDAQ:APLS) Shares Up 6.6% - Here's What Happened

Shares of Apellis Pharmaceuticals, Inc. (NASDAQ:APLS - Get Free Report) were up 6.6% during trading on Tuesday . The company traded as high as $22.36 and last traded at $23.31. Approximately 417,900 shares changed hands during trading, a decline of 80% from the average daily volume of 2,047,019 shares. The stock had previously closed at $21.87.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on APLS shares. The Goldman Sachs Group dropped their target price on shares of Apellis Pharmaceuticals from $36.00 to $32.00 and set a "neutral" rating for the company in a report on Monday, March 3rd. Wedbush reduced their price objective on Apellis Pharmaceuticals from $30.00 to $29.00 and set a "neutral" rating for the company in a report on Monday, March 3rd. Scotiabank upped their target price on Apellis Pharmaceuticals from $30.00 to $31.00 and gave the company a "sector perform" rating in a report on Wednesday. HC Wainwright restated a "buy" rating and issued a $57.00 price target on shares of Apellis Pharmaceuticals in a research report on Monday, March 3rd. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Apellis Pharmaceuticals from $50.00 to $54.00 and gave the stock an "overweight" rating in a research report on Tuesday, March 4th. Eight research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $45.59.

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Apellis Pharmaceuticals Price Performance

The company's 50-day moving average is $26.22 and its 200-day moving average is $29.00. The firm has a market capitalization of $2.51 billion, a price-to-earnings ratio of -9.84 and a beta of 0.85. The company has a debt-to-equity ratio of 1.91, a current ratio of 4.36 and a quick ratio of 3.73.

Apellis Pharmaceuticals (NASDAQ:APLS - Get Free Report) last issued its earnings results on Friday, February 28th. The company reported ($0.29) earnings per share for the quarter, beating analysts' consensus estimates of ($0.37) by $0.08. The firm had revenue of $212.50 million for the quarter, compared to analysts' expectations of $197.92 million. Apellis Pharmaceuticals had a negative return on equity of 103.11% and a negative net margin of 34.97%. The firm's revenue for the quarter was up 45.2% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.73) earnings per share. On average, research analysts expect that Apellis Pharmaceuticals, Inc. will post -1.7 earnings per share for the current year.

Insider Buying and Selling

In other news, General Counsel David O. Watson sold 5,569 shares of the firm's stock in a transaction on Wednesday, March 5th. The shares were sold at an average price of $25.10, for a total value of $139,781.90. Following the transaction, the general counsel now owns 138,730 shares of the company's stock, valued at approximately $3,482,123. This trade represents a 3.86 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Cedric Francois sold 2,824 shares of Apellis Pharmaceuticals stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $29.52, for a total transaction of $83,364.48. Following the transaction, the chief executive officer now owns 415,695 shares in the company, valued at $12,271,316.40. The trade was a 0.67 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,054 shares of company stock valued at $1,952,719. 6.80% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Apellis Pharmaceuticals

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Xponance Inc. grew its position in Apellis Pharmaceuticals by 5.6% in the fourth quarter. Xponance Inc. now owns 14,072 shares of the company's stock valued at $449,000 after acquiring an additional 749 shares in the last quarter. EverSource Wealth Advisors LLC increased its stake in Apellis Pharmaceuticals by 2,707.1% during the 4th quarter. EverSource Wealth Advisors LLC now owns 786 shares of the company's stock worth $25,000 after buying an additional 758 shares during the period. Woodline Partners LP lifted its holdings in Apellis Pharmaceuticals by 0.5% in the 4th quarter. Woodline Partners LP now owns 189,477 shares of the company's stock worth $6,046,000 after buying an additional 913 shares in the last quarter. Signaturefd LLC lifted its holdings in Apellis Pharmaceuticals by 357.2% in the 4th quarter. Signaturefd LLC now owns 1,175 shares of the company's stock worth $37,000 after buying an additional 918 shares in the last quarter. Finally, Toronto Dominion Bank boosted its position in Apellis Pharmaceuticals by 4.2% in the 3rd quarter. Toronto Dominion Bank now owns 25,622 shares of the company's stock valued at $739,000 after buying an additional 1,022 shares during the last quarter. 96.29% of the stock is owned by institutional investors and hedge funds.

About Apellis Pharmaceuticals

Apellis Pharmaceuticals, Inc, a commercial-stage biopharmaceutical company, focuses on the discovery, development, and commercialization of therapeutic compounds through the inhibition of the complement system for autoimmune and inflammatory diseases. It offers EMPAVELI for the treatment of paroxysmal nocturnal hemoglobinuria, C3 glomerulopathy and immune complex membranoproliferative glomerulonephritis, and hematopoietic stem cell transplantation-associated thrombotic microangiopathy; and SYFOVRE for treating geographic atrophy secondary to age-related macular degeneration and geographic atrophy (GA).