Equities researchers at J P Morgan Chase & Co began coverage on shares of Apellis Pharmaceuticals (NASDAQ:APLS) in a research note issued on Monday, MarketBeat.com reports. The brokerage set an “overweight” rating and a $31.00 price target on the stock. J P Morgan Chase & Co’s target price would indicate a potential upside of 121.43% from the stock’s previous close.

Apellis Pharmaceuticals (NASDAQ:APLS) traded down $0.02 during trading hours on Monday, hitting $14.00. 323,920 shares of the stock were exchanged, compared to its average volume of 111,537. Apellis Pharmaceuticals has a twelve month low of $12.45 and a twelve month high of $15.41.

In related news, major shareholder Global Strategic Fund I. Venbio bought 127,515 shares of the stock in a transaction that occurred on Monday, November 13th. The stock was purchased at an average cost of $14.00 per share, for a total transaction of $1,785,210.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.

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About Apellis Pharmaceuticals

Apellis Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company. The Company focuses on the discovery and development of therapeutic compounds for autoimmune and inflammatory diseases. The Company’s lead compounds are designed to inhibit complement component 3 (C3), the central protein in the complement cascade.

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