Apellis Pharmaceuticals (NASDAQ: APLS) Chief Business & Strategy Officer Mark Jeffrey DeLong executed a sale of company stock on February 11, 2026, disposing of 368 shares at $22.1537 per share for a total of $8,152.
According to a Form 4 filed with the Securities and Exchange Commission, the shares were sold specifically to satisfy tax withholding obligations arising from Restricted Stock Units that were released on February 10, 2026. After the sale, DeLong's direct ownership in Apellis stands at 114,591 shares.
The transaction was completed on February 11, 2026.
Company results and analyst reactions
In related company developments, Apellis issued a pre-announcement reporting $689 million in product revenue for the fourth quarter of 2025, a figure described as closely aligned with analyst expectations. The revenue pre-announcement prompted several firms to reassess their outlooks and price targets for Apellis.
- Needham upheld its Buy rating for Apellis but lowered its price target from $29.00 to $28.00, citing concerns over Syfovre's growth trajectory.
- Cantor Fitzgerald reiterated an Overweight rating while trimming its price target from $39.00 to $35.00, maintaining a generally positive stance on the company.
- BofA Securities upgraded Apellis from Neutral to Buy and set a $28.00 price target, attributing the move to Empaveli's commercial potential in indications for rare kidney disease.
Market-structure note
Separately, S&P Dow Jones Indices announced upcoming changes to its S&P MidCap 400 and S&P SmallCap 600 indices that will add Amneal Pharmaceuticals, LegalZoom.com, and Dutch Bros. These index adjustments will take effect in early 2026 and have already led to notable movements in the stock prices of the companies being included. The changes reflect routine index reconstitutions that can alter visibility and investor interest for the affected firms.
Key takeaways
- Insider transaction - A small block sale of 368 shares by Apellis's CBO was executed to meet tax-withholding requirements tied to RSU vesting.
- Corporate performance - Apellis pre-announced $689 million in Q4 2025 product revenue, a number close to analyst projections and a catalyst for follow-up analyst action.
- Analyst posture - Firms issued mixed reactions: Needham and Cantor Fitzgerald lowered price targets while maintaining positive ratings, and BofA upgraded Apellis to Buy based on potential in Empaveli's rare kidney disease indications.
Risks and uncertainties
- Analyst target adjustments - Multiple firms reduced price targets for Apellis, reflecting uncertainty about the growth outlook for Syfovre; this affects investor valuation assumptions in the biotech sector.
- Index reshuffling - Changes to S&P indices can cause short-term price volatility and shifts in investor attention for companies added to or removed from those benchmarks.
- Limited scope of the insider sale - The sale was explicitly described as a tax-withholding action tied to RSU releases; because it is transactional and limited in size, it may not reflect broader management sentiment.
The facts presented here are drawn from the company filings and public announcements specified above.