Apellis Pharmaceuticals (NASDAQ:APLS) Stock Price Down 7.3% After Earnings Miss

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Apellis Pharmaceuticals Inc (NASDAQ:APLS)’s stock price was down 7.3% on Friday following a weaker than expected earnings announcement. The stock traded as low as $25.49 and last traded at $25.89, approximately 1,225,679 shares changed hands during mid-day trading. An increase of 3% from the average daily volume of 1,184,675 shares. The stock had previously closed at $27.92.

The company reported ($1.57) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.34) by ($0.23).

Several equities analysts recently issued reports on APLS shares. BidaskClub cut shares of Apellis Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Friday. Oppenheimer reiterated a “buy” rating and issued a $62.00 target price on shares of Apellis Pharmaceuticals in a research note on Friday, June 12th. UBS Group assumed coverage on shares of Apellis Pharmaceuticals in a research report on Thursday, May 28th. They set an “add” rating for the company. Roth Capital assumed coverage on shares of Apellis Pharmaceuticals in a research report on Monday, July 20th. They set a “buy” rating and a $50.00 price objective for the company. Finally, JPMorgan Chase & Co. upped their price objective on shares of Apellis Pharmaceuticals from $54.00 to $56.00 and gave the stock an “overweight” rating in a research report on Monday, June 8th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $50.92.

In other news, CEO Cedric Francois sold 5,000 shares of the company’s stock in a transaction on Wednesday, July 15th. The shares were sold at an average price of $32.12, for a total transaction of $160,600.00. Following the completion of the sale, the chief executive officer now owns 1,098,079 shares of the company’s stock, valued at $35,270,297.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Federico Grossi sold 850 shares of the company’s stock in a transaction on Wednesday, July 1st. The stock was sold at an average price of $32.43, for a total transaction of $27,565.50. Following the sale, the insider now directly owns 30,125 shares of the company’s stock, valued at approximately $976,953.75. The disclosure for this sale can be found here. Insiders have sold 13,350 shares of company stock valued at $414,741 in the last ninety days. Insiders own 9.50% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in APLS. Wellington Management Group LLP grew its holdings in shares of Apellis Pharmaceuticals by 140.2% in the first quarter. Wellington Management Group LLP now owns 10,371,998 shares of the company’s stock valued at $277,866,000 after purchasing an additional 6,054,734 shares during the period. BlackRock Inc. grew its holdings in shares of Apellis Pharmaceuticals by 22.3% in the first quarter. BlackRock Inc. now owns 5,816,260 shares of the company’s stock valued at $155,818,000 after purchasing an additional 1,058,755 shares during the period. Jennison Associates LLC grew its holdings in shares of Apellis Pharmaceuticals by 89.1% in the first quarter. Jennison Associates LLC now owns 2,089,517 shares of the company’s stock valued at $55,978,000 after purchasing an additional 984,486 shares during the period. Candriam Luxembourg S.C.A. grew its holdings in shares of Apellis Pharmaceuticals by 208.6% in the second quarter. Candriam Luxembourg S.C.A. now owns 1,210,398 shares of the company’s stock valued at $39,533,000 after purchasing an additional 818,198 shares during the period. Finally, Two Sigma Advisers LP grew its holdings in shares of Apellis Pharmaceuticals by 237.4% in the first quarter. Two Sigma Advisers LP now owns 877,200 shares of the company’s stock valued at $23,500,000 after purchasing an additional 617,200 shares during the period. 72.59% of the stock is owned by hedge funds and other institutional investors.

The company has a debt-to-equity ratio of 0.60, a current ratio of 13.25 and a quick ratio of 13.25. The stock’s fifty day moving average is $31.18 and its 200-day moving average is $33.44.

About Apellis Pharmaceuticals (NASDAQ:APLS)

Apellis Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focuses on the development of therapeutic compounds through the inhibition of the complement system for autoimmune and inflammatory diseases. Its lead product candidate is APL-2 that is in Phase III clinical trials for the treatment of geographic atrophy in age-related macular degeneration and paroxysmal nocturnal hemoglobinuria diseases; and in Phase II clinical trials for the treatment of cold agglutinin and warm antibody autoimmune hemolytic anemia diseases, as well as in Phase II clinical trials to treat four types of glomerular diseases, such as C3 glomerulopathy, IgA nephropathy, primary membranous nephropathy, and lupus nephritis.

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