Jennison Associates LLC Trims Position in Apellis Pharmaceuticals, Inc. (NASDAQ:APLS)

Jennison Associates LLC decreased its position in Apellis Pharmaceuticals, Inc. (NASDAQ:APLS) by 49.3% during the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,821,115 shares of the company’s stock after selling 1,770,301 shares during the quarter. Jennison Associates LLC’s holdings in Apellis Pharmaceuticals were worth $52,521,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Envestnet Asset Management Inc. boosted its holdings in shares of Apellis Pharmaceuticals by 42.2% in the second quarter. Envestnet Asset Management Inc. now owns 134,536 shares of the company’s stock worth $5,161,000 after buying an additional 39,931 shares during the last quarter. Profund Advisors LLC boosted its stake in shares of Apellis Pharmaceuticals by 90.7% during the 2nd quarter. Profund Advisors LLC now owns 42,968 shares of the company’s stock worth $1,648,000 after acquiring an additional 20,435 shares during the last quarter. Algert Global LLC grew its position in shares of Apellis Pharmaceuticals by 137.8% during the 2nd quarter. Algert Global LLC now owns 123,628 shares of the company’s stock valued at $4,742,000 after acquiring an additional 71,650 shares during the period. Toronto Dominion Bank purchased a new stake in shares of Apellis Pharmaceuticals in the 1st quarter worth $588,000. Finally, Edgestream Partners L.P. raised its holdings in Apellis Pharmaceuticals by 240.4% in the 2nd quarter. Edgestream Partners L.P. now owns 54,572 shares of the company’s stock worth $2,093,000 after purchasing an additional 38,541 shares during the period. Institutional investors own 96.29% of the company’s stock.

Insider Activity

In related news, Director A. Sinclair Dunlop sold 37,000 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $36.23, for a total transaction of $1,340,510.00. Following the sale, the director now owns 100,000 shares in the company, valued at approximately $3,623,000. This represents a 27.01 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 6.80% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on APLS. Wells Fargo & Company cut their price target on Apellis Pharmaceuticals from $43.00 to $30.00 and set an “equal weight” rating for the company in a report on Wednesday, November 6th. Evercore ISI upgraded Apellis Pharmaceuticals to a “strong-buy” rating in a research note on Thursday, October 31st. Piper Sandler dropped their price target on shares of Apellis Pharmaceuticals from $40.00 to $32.00 and set a “neutral” rating for the company in a research report on Wednesday, November 6th. Royal Bank of Canada restated a “sector perform” rating and set a $25.00 price objective on shares of Apellis Pharmaceuticals in a research report on Monday, November 4th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $80.00 target price on shares of Apellis Pharmaceuticals in a report on Wednesday, July 31st. Seven equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $49.94.

Apellis Pharmaceuticals Price Performance

Apellis Pharmaceuticals stock opened at $28.01 on Friday. Apellis Pharmaceuticals, Inc. has a 52-week low of $24.34 and a 52-week high of $73.80. The company has a quick ratio of 3.73, a current ratio of 4.36 and a debt-to-equity ratio of 1.91. The firm’s fifty day moving average is $29.23 and its 200 day moving average is $35.84. The company has a market cap of $3.48 billion, a price-to-earnings ratio of -13.80 and a beta of 0.87.

Apellis Pharmaceuticals (NASDAQ:APLS) last announced its quarterly earnings results on Tuesday, November 5th. The company reported ($0.46) EPS for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.14). Apellis Pharmaceuticals had a negative net margin of 34.97% and a negative return on equity of 103.11%. The business had revenue of $196.83 million during the quarter, compared to the consensus estimate of $200.00 million. During the same period in the previous year, the business posted ($1.17) EPS. The firm’s revenue was up 78.3% on a year-over-year basis. Sell-side analysts forecast that Apellis Pharmaceuticals, Inc. will post -1.7 EPS for the current fiscal year.

Apellis Pharmaceuticals Profile

Apellis Pharmaceuticals, Inc, a commercial-stage biopharmaceutical company, focuses on the discovery, development, and commercialization of therapeutic compounds through the inhibition of the complement system for autoimmune and inflammatory diseases. It offers EMPAVELI for the treatment of paroxysmal nocturnal hemoglobinuria, C3 glomerulopathy and immune complex membranoproliferative glomerulonephritis, and hematopoietic stem cell transplantation-associated thrombotic microangiopathy; and SYFOVRE for treating geographic atrophy secondary to age-related macular degeneration and geographic atrophy (GA).