This New $193 Million Bet Targets a Biotech With $689 Million in Revenue and a Potential Turnaround Story

1 hour ago 1

Jonathan Ponciano, The Motley Fool

Sat, March 21, 2026 astatine 6:39 PM CDT 4 min read

RTW Investments initiated a caller involvement successful Apellis Pharmaceuticals (NASDAQ:APLS), acquiring 7,666,764 shares successful the 4th quarter, according to a February 17, 2026, SEC filing.

An SEC filing dated February 17, 2026, shows RTW Investments opened a caller presumption successful Apellis Pharmaceuticals during the 4th quarter, buying 7,666,764 shares. The quarter-end worth of the involvement stood astatine $192.59 million, reflecting some the stock summation and banal terms factors.

This was a caller presumption for RTW Investments, LP, with Apellis accounting for 1.93% of 13F reportable AUM arsenic of December 31, 2025.
Top holdings aft the filing:
- NASDAQ:MDGL: $1.16 cardinal (11.6% of AUM)
- NASDAQ:INSM: $842.85 cardinal (8.4% of AUM)
- NASDAQ:PTCT: $588.42 cardinal (5.9% of AUM)
- NASDAQ:ARGX: $566.38 cardinal (5.7% of AUM)
- NASDAQ:PTGX: $441.86 cardinal (4.4% of AUM)
As of Friday, Apellis shares were priced astatine $17.21, down 29% implicit the past twelvemonth and good underperforming the S&P 500, which is alternatively up astir 15% successful the aforesaid period.

Metric

Value

Revenue (TTM)	$1 billion
Net Income (TTM)	$22.4 million
Market Capitalization	$2.2 billion
Price (as of Friday)	$17.21

Apellis Pharmaceuticals develops and commercializes therapeutic compounds targeting the complement system, with cardinal products including pegcetacoplan and EMPAVELI for autoimmune and inflammatory diseases.
The steadfast generates gross chiefly done income of proprietary biopharmaceutical products and collaborative licensing agreements.
It serves healthcare providers and patients successful markets addressing uncommon diseases specified arsenic geographic atrophy, paroxysmal nocturnal hemoglobinuria, and acold agglutinin disease.

Apellis Pharmaceuticals, Inc. is simply a commercial-stage biotechnology institution focused connected innovative therapies for complement-driven diseases. With a robust pipeline and a increasing commercialized portfolio, the institution leverages its expertise successful complement inhibition to code important unmet aesculapian needs. Apellis's strategical collaborations and targeted attack supply a competitory vantage successful the uncommon illness and specialty therapeutics market.

This is the benignant of setup that tends to abstracted disciplined biotech investors from momentum chasers. Apellis banal show has near overmuch to beryllium desired implicit the past year, but nether the hood, determination are signals that a disciplined capitalist mightiness beryllium consenting to stake on.

Apellis generated astir $689 cardinal successful merchandise gross past year, driven mostly by its flagship therapy, which unsocial brought successful astir $587 million, alongside different $102 cardinal from its 2nd product. That is not early-stage speculation anymore. It is simply a institution with existent demand, expanding marketplace share, and increasing penetration successful uncommon illness markets.

What makes this determination much absorbing is wherever it sits successful the broader portfolio. This fund’s apical positions thin heavy into high-growth biotech names similar Madrigal and Insmed, wherever objective upside drives returns. Against that backdrop, a sub 2% presumption successful a commercial-stage sanction looks similar a calculated pivot toward much durable gross streams without abandoning upside.

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