On January 20, 2026, Nur Nicholson, serving as the Chief Technical Officer of Apellis Pharmaceuticals Inc (NASDAQ: APLS), executed a sale of 2,203 common shares at $19.7929 per share, resulting in a total transaction value of approximately $43,603. Following this sale, Nicholson retains direct ownership of 78,843 shares of the company's stock. The share disposition was carried out to address tax withholding obligations arising from the recent release of Restricted Stock Units on January 16, 2026.
In related developments, Apellis Pharmaceuticals released preliminary data indicating U.S. product revenue for fiscal year 2025 reached $689 million. This total fell slightly below the projection made by Goldman Sachs at $692 million as well as the consensus estimate from FactSet, which stood at $698 million. The reported revenue includes $587 million generated from sales of Syfovre, targeting geographic atrophy, and an additional $102 million sourced from Empaveli for approved indications.
Following these financial disclosures, BofA Securities upgraded Apellis Pharmaceuticals from a Neutral to a Buy rating, emphasizing the promising commercial potential of Empaveli, particularly in the treatment of rare kidney diseases. This favorable assessment was supported by early strong adoption trends, exemplified by the submission of 267 new patient start forms for Empaveli in C3G/IC-MPGN indications.
Cantor Fitzgerald maintained its Overweight rating on the stock, highlighting Empaveli's superior performance compared to competitor Fabhalta. However, despite the positive view, Cantor Fitzgerald adjusted its price target downward from $39.00 to $35.00. Likewise, Needham upheld its Buy rating but revised its price target to $28.00, citing uncertainty related to Syfovre's growth prospects. In contrast, Goldman Sachs retained a Sell rating with a price objective of $19.00, attributing their stance to the company's noted revenue shortfall.