Apellis Pharmaceuticals (NASDAQ:APLS) Shares Down 7.3% on Disappointing Earnings

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

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

A number of brokerages have weighed in on APLS. UBS Group began coverage on shares of Apellis Pharmaceuticals in a research report on Thursday, May 28th. They issued an “add” rating for the company. Citigroup cut their target price on shares of Apellis Pharmaceuticals from $56.00 to $54.00 and set a “buy” rating for the company in a research note on Tuesday, June 30th. BidaskClub cut shares of Apellis Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Friday. BTIG Research initiated coverage on shares of Apellis Pharmaceuticals in a research note on Tuesday, June 16th. They set a “neutral” rating for the company. Finally, JPMorgan Chase & Co. boosted their target price on shares of Apellis Pharmaceuticals from $54.00 to $56.00 and gave the stock an “overweight” rating in a research note on Monday, June 8th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $50.92.

In related news, Director Alec Machiels sold 2,500 shares of the company’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $30.21, for a total transaction of $75,525.00. Also, insider Federico Grossi sold 850 shares of the company’s stock in a transaction dated Wednesday, July 1st. The shares were 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. In the last ninety days, insiders have sold 13,350 shares of company stock valued at $414,741. 9.50% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in APLS. Ladenburg Thalmann Financial Services Inc. boosted its holdings in Apellis Pharmaceuticals by 15.9% in the 4th quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,556 shares of the company’s stock valued at $79,000 after purchasing an additional 350 shares during the last quarter. Advisor Group Holdings Inc. acquired a new position in Apellis Pharmaceuticals in the 1st quarter valued at about $68,000. IMA Wealth Inc. acquired a new position in Apellis Pharmaceuticals in the 1st quarter valued at about $107,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Apellis Pharmaceuticals by 17.3% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,741 shares of the company’s stock valued at $127,000 after purchasing an additional 700 shares during the last quarter. Finally, Ameritas Investment Partners Inc. boosted its holdings in Apellis Pharmaceuticals by 21.1% in the 1st quarter. Ameritas Investment Partners Inc. now owns 5,014 shares of the company’s stock valued at $134,000 after purchasing an additional 874 shares during the last quarter. 72.59% of the stock is owned by institutional investors.

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

Apellis Pharmaceuticals Company Profile (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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