On January 20, 2026, Caroline Baumal, the Chief Medical Officer at Apellis Pharmaceuticals Inc (NASDAQ: APLS), completed the sale of 1,882 shares of company stock. This transaction yielded approximately $37,250, as shares changed hands at a price of $19.7929 each, according to disclosures filed under the Securities and Exchange Commission (SEC).
Following this transaction, Baumal retains direct ownership of 89,324 shares in Apellis Pharmaceuticals. The stock sale was undertaken specifically to cover tax withholding requirements related to the vesting of Restricted Stock Units released earlier, on January 16, 2026. The trade was officially reported on a Form 4 SEC filing, detailing insider holdings and transactions.
In a broader company update, Apellis announced preliminary product revenue generated in the United States for fiscal year 2025, amounting to $689 million. This figure, although substantial, came in slightly below the estimates projected by Goldman Sachs at $692 million and FactSet consensus forecasts at $698 million. Revenue from Syfovre, targeting geographic atrophy indications, accounted for $587 million, while Empaveli sales in authorized indications contributed $102 million to the total.
Following the revenue announcement, Bank of America Securities lifted its rating on Apellis from Neutral to Buy, motivated by the promising commercial prospects of Empaveli’s advances in treating rare kidney diseases. Early adoption has been strong, particularly for Empaveli in conditions such as C3 Glomerulopathy (C3G) and Immune Complex-Mediated Membranoproliferative Glomerulonephritis (IC-MPGN), with 267 new patient start forms submitted.
Cantor Fitzgerald confirmed its Overweight rating for Apellis, emphasizing Empaveli's competitive position against Fabhalta in the market. Nevertheless, the firm revised its price target lower from $39.00 to $35.00. Meanwhile, Needham sustained its Buy rating but decreased its price target to $28.00, reflecting concerns over the growth outlook for Syfovre.
Conversely, Goldman Sachs maintained a Sell rating on Apellis, citing the disappointing revenue figures, and set a lower price target at $19.00. These contrasting analyst views underscore the ongoing uncertainty over the company’s growth trajectory and market performance.