On January 20, 2026, Caroline Baumal, the Chief Medical Officer at Apellis Pharmaceuticals Inc (NASDAQ: APLS), sold 1,882 shares of the company’s common stock, as disclosed in a recent Securities and Exchange Commission filing. The shares exchanged hands at $19.7929 each, culminating in a total transaction value of $37,250.
After this sale, Baumal retains direct ownership of 89,324 shares in Apellis Pharmaceuticals. The purpose of the sale was to satisfy tax withholding obligations related to the vesting of Restricted Stock Units (RSUs) that occurred on January 16, 2026. The transaction was officially documented in a Form 4 filing submitted to the SEC.
In tandem with this insider activity, Apellis Pharmaceuticals revealed preliminary product revenue figures for the U.S. fiscal year 2025 totaling $689 million. This revenue forecast came in lower than prior expectations, missing the Goldman Sachs estimate of $692 million and the FactSet consensus of $698 million. The total revenue comprised $587 million stemming from Syfovre sales, primarily indicated for geographic atrophy, and $102 million attributed to Empaveli sales in approved indications.
Several financial analysts have recently weighed in on Apellis’s commercial outlook. BofA Securities upgraded the stock from Neutral to Buy, emphasizing the expanding commercial potential for Empaveli, especially in rare kidney disease markets. This upgrade follows notable early adoption trends for Empaveli in conditions such as C3G and IC-MPGN, highlighted by the submission of 267 new patient start forms.
Additionally, Cantor Fitzgerald has maintained an Overweight rating, pointing to Empaveli's competitive edge over Fabhalta. However, Cantor adjusted its price target downward from $39.00 to $35.00. Meanwhile, Needham reaffirmed a Buy rating but lowered its price target to $28.00, citing ongoing concerns over Syfovre’s growth pace. In contrast, Goldman Sachs retained a Sell rating and a $19.00 price target, reflective of the revenue miss reported.