Wells Fargo & Company Lowers Apellis Pharmaceuticals (NASDAQ:APLS) Price Target to $30.00

Apellis Pharmaceuticals (NASDAQ:APLS) had its target price reduced by investment analysts at Wells Fargo & Company from $43.00 to $30.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential upside of 4.38% from the company’s previous close.

Several other research firms have also weighed in on APLS. Piper Sandler reduced their price objective on Apellis Pharmaceuticals from $40.00 to $32.00 and set a “neutral” rating on the stock in a research note on Wednesday. Wedbush raised their price objective on Apellis Pharmaceuticals from $38.00 to $41.00 and gave the company a “neutral” rating in a research note on Friday, August 9th. JPMorgan Chase & Co. cut their price target on Apellis Pharmaceuticals from $64.00 to $57.00 and set an “overweight” rating on the stock in a research note on Friday, September 13th. Needham & Company LLC cut their price target on Apellis Pharmaceuticals from $85.00 to $60.00 and set a “buy” rating on the stock in a research note on Wednesday. Finally, Oppenheimer cut their price target on Apellis Pharmaceuticals from $65.00 to $40.00 and set an “outperform” rating on the stock in a research note on Wednesday. Six analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $51.06.

Apellis Pharmaceuticals Stock Performance

APLS stock opened at $28.74 on Wednesday. The company has a current ratio of 5.08, a quick ratio of 4.18 and a debt-to-equity ratio of 1.73. The business’s fifty day moving average price is $31.19 and its two-hundred day moving average price is $37.14. Apellis Pharmaceuticals has a fifty-two week low of $24.34 and a fifty-two week high of $73.80.

Apellis Pharmaceuticals (NASDAQ:APLS) last released its earnings results on Tuesday, November 5th. The company reported ($0.46) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.32) by ($0.14). The company had revenue of $196.83 million for the quarter, compared to analyst estimates of $200.00 million. Apellis Pharmaceuticals had a negative return on equity of 138.32% and a negative net margin of 52.99%. The business’s revenue for the quarter was up 78.3% compared to the same quarter last year. During the same period last year, the company posted ($1.17) earnings per share. As a group, analysts anticipate that Apellis Pharmaceuticals will post -1.4 EPS for the current year.

Insiders Place Their Bets

In other Apellis Pharmaceuticals news, Director A. Sinclair Dunlop sold 37,000 shares of Apellis Pharmaceuticals stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $36.23, for a total value of $1,340,510.00. Following the completion of the sale, the director now directly owns 100,000 shares in the company, valued at approximately $3,623,000. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 6.80% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Apellis Pharmaceuticals

Hedge funds have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Apellis Pharmaceuticals during the first quarter valued at approximately $3,218,000. Edgestream Partners L.P. purchased a new position in shares of Apellis Pharmaceuticals during the first quarter valued at approximately $942,000. Envestnet Asset Management Inc. boosted its position in 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 purchasing an additional 39,931 shares during the last quarter. Profund Advisors LLC boosted its position in Apellis Pharmaceuticals by 90.7% in the second quarter. Profund Advisors LLC now owns 42,968 shares of the company’s stock worth $1,648,000 after purchasing an additional 20,435 shares during the last quarter. Finally, Algert Global LLC boosted its position in Apellis Pharmaceuticals by 137.8% in the second quarter. Algert Global LLC now owns 123,628 shares of the company’s stock worth $4,742,000 after purchasing an additional 71,650 shares during the last quarter. Institutional investors and hedge funds own 96.29% of the company’s stock.

About Apellis Pharmaceuticals

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).