Cedric Francois, chief executive officer of Apellis Pharmaceuticals, executed a sale of company common stock on January 22, 2026, disposing of 27,192 shares at $21.7654 per share for a total consideration of $591,844. According to the filing, the disposition was undertaken to satisfy tax withholding obligations tied to Restricted Stock Units that vested on January 21, 2026.
Following the sale, Francois directly holds 286,045 shares of Apellis. He also has indirect holdings through several trusts: The Cedric Francois Irrevocable Trust of 2023 - 2 (307,946 shares), The Cedric Francois Irrevocable Trust of 2023 (472,065 shares), The Francois Grossi Trust (300,000 shares) and The Francois-DuBois Educational Trust (234,411 shares). The filing notes that Francois disclaims beneficial ownership of the trust holdings except to the extent of his pecuniary interest.
At the time of the reported sale, Apellis stock was trading at $21.75. InvestingPro analysis described the share price as slightly undervalued. The company has a market capitalization of $2.75 billion and is reported to have posted 42% revenue growth over the trailing twelve months. InvestingPro assigns the company a "GREAT" financial health score and includes Apellis in its Pro Research Report coverage among more than 1,400 leading U.S. equities.
Separately, Apellis disclosed preliminary U.S. product revenue for fiscal year 2025 of $689 million. That total comprised $587 million attributable to Syfovre sales in geographic atrophy and $102 million from Empaveli in approved indications. The preliminary figure trailed Goldman Sachs' estimate of $692 million and the FactSet consensus of $698 million.
Analysts responded with divergent views following the revenue disclosure. Goldman Sachs reiterated its Sell rating and maintained a $19.00 price target. BofA Securities moved its stance from Neutral to Buy, underscoring the commercial opportunity for Empaveli in rare kidney disease indications. Cantor Fitzgerald stayed with an Overweight rating but trimmed its price target from $39.00 to $35.00. Needham preserved a Buy rating while lowering its price target to $28.00, citing worries about Syfovre's growth trajectory.
The stock sale by the CEO was explicitly tied to tax obligations stemming from RSUs and not described as a discretionary monetization beyond that requirement. The companywide revenue disclosure and the subsequent mix of analyst reactions reflect differing assessments of near-term commercial momentum for Apellis' products.
Key points
- Cedric Francois sold 27,192 Apellis shares on January 22, 2026, at $21.7654 per share for $591,844 to cover tax withholding on RSUs vested January 21, 2026.
- After the sale, Francois directly owns 286,045 shares and holds additional indirect interests through four named trusts totaling over 1.3 million shares combined, of which he disclaims beneficial ownership except for his pecuniary interest.
- Apellis reported preliminary U.S. fiscal 2025 product revenue of $689 million - $587 million from Syfovre in geographic atrophy and $102 million from Empaveli - a total below some analyst estimates and followed by mixed analyst ratings and price-target adjustments.
Risks and uncertainties
- Revenue shortfall risk - Preliminary product revenue of $689 million missed certain estimates, introducing uncertainty around consensus expectations for commercial performance; this impacts healthcare and pharmaceutical equity valuations.
- Analyst divergence risk - Divergent analyst reactions, including a reiterated Sell and multiple lowered price targets alongside upgrades, signal differing views on product growth prospects and create volatility risk for the stock in equity markets.
- Ownership and perception risk - Insider sales to meet tax obligations may be interpreted variably by investors; while the filing links the sale to RSU tax withholding, market perception can nevertheless affect investor sentiment in the biopharma sector.
Conclusion
The reported insider sale by Apellis' CEO was a targeted transaction to address tax liabilities tied to vested RSUs rather than an open-ended divestiture. At the same time, preliminary fiscal 2025 product revenue came in slightly below some analyst projections, eliciting mixed responses from major sell-side firms. Together, these developments frame a near-term narrative of cautious investor attention as market participants reconcile insider activity, product revenue dynamics and varying analyst viewpoints.