Home Top Movers Here is why Apellis Pharmaceuticals Inc (APLS) stock flipped on Friday

Here is why Apellis Pharmaceuticals Inc (APLS) stock flipped on Friday

Apellis Pharmaceuticals Inc. (APLS) shares gained 11.61% to trade at $49.4 in after-market on Friday, May 14, 2021. Earlier, APLS’s stock lost 3.02% to close Friday’s normal session at $44.26. APLS shares have risen 45.88% over the last 12 months, and they have moved down 5.97% in the past week. Over the past three months, the stock has lost 5.12%, while over the past six months, it has added 15.26%.

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Let’s see what are the recent news about APLS

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EMPAVELI approved by FDA

On May 14, 2021, Apellis Pharmaceuticals, announced that the U.S. Food and Drug Administration (FDA) has approved EMPAVELI™ (pegcetacoplan).

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EMPAVELI is approved for use in adults with PNH who are treatment naïve as well as patients switching from the C5 inhibitors Soliris® (eculizumab) and Ultomiris® (ravulizumab).EMPAVELI is the first and only targeted C3 therapy for the treatment of adults with paroxysmal nocturnal hemoglobinuria (PNH)

Participation in the upcoming virtual congress

On May 12, 2021, Apellis Pharmaceuticals said that it is going to present and publish seven abstracts at the European Hematology Association (EHA) virtual congress which will be held on June 9-17, 2021.

Earlier on April 16, 2021, the company presented 10 abstracts at the virtual Association for Research in Vision and Ophthalmology (ARVO) Annual Meeting which was held on May 1-7, 2021.

Inducement grants

On May 07, 2021, Apellis Pharmaceuticals approved the grant of equity awards to two new employees.

The employees received options to purchase 13,200 shares of Apellis common stock and 7,100 restricted stock units (RSUs). The options have an exercise price of $50.20, which is equal to the closing price of Apellis common stock on May 3, 2021.

Recent financial results

On April 28, 2021, Apellis Pharmaceuticals, Inc released its first-quarter 2021 financial results.

Q1 2021 financial highlights

  • Apellis suffered a net loss of $183.7 million for the first quarter of 2021, compared to a net loss of $168.8 million for the same period in 2020.
  • Net loss per common share, basic and diluted was $2.32 per share in Q1 2021 compared to $2.29 in Q1 2020.
  • Research and development expenses were $84.0 million in the first quarter of 2021, compared to $69.3 million for the same period in 2020.
  • General and administrative expenses were $40.6 million in Q1 2021, compared to $29.5 million for Q1 2020.
  • Apellis had $723.7 million in cash, cash equivalents, and short-term marketable securities on March 31, 2021, compared to $646.7 million in cash, cash equivalents, and short-term marketable securities as of March 31, 2020.

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Conclusion

The approval of EMPAVELI by the FDA was the reason behind its surging in the after-market on Friday and we can expect APLS to continue its surging on Monday as well.

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