Apellis Pharmaceuticals, Inc.

APLS • NASDAQ

Apellis Pharmaceuticals, Inc. is a biotechnology company in the healthcare sector on NASDAQ, led by Adam Townsend, with a market cap of $3.2B. As of Q3 2025, 97% of shares are held by 268 institutional investors, with venBio Select Advisor LLC as the largest holder at 9.68%.

Chief Operating OfficerAdam Townsend

Market Cap$3.2B

Biotechnology

Healthcare

Employees702.0

Websiteapellis.com

Country

United States of America

Overview

Overview of institutional ownership in APLS as of Q3 2025 with a market cap of $2.9B

All Institutions

Institutions: 268
Value Held: $2.8B
Shares Held: 122.4M
Avg Position: $10.3M
Median Position: $843.4K

Hedge Funds

Hedge Funds: 57
Value Held: $727.9M
Shares Held: 32.2M
Avg Position: $12.8M
Median Position: $2.5M

Ownership Breakdown

Institutional (non-HF)

71.56%

$2.0B

Hedge Funds

25.47%

$727.9M

Retail & Other

2.98%

$85.0M

Based on market cap of $2.9B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in APLS as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
venBio Select Advisor LLC RIA/Wealth	Behzad Aghazadeh Managing Partner	$276.6M 3.58% of portfolio	9.68% 12.2M shares	Q1 2021 Held for 4y 8m	$7.7B
VANGUARD GROUP INC Institution	Salim Ramji CEO	$226.0M 0.00% of portfolio	7.91% 10.0M shares	Q4 2017 Held for 7y 11m	$6.69T
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$218.2M 0.01% of portfolio	7.64% 9.6M shares	Q4 2017 Held for 7y 11m	$1.65T
WELLINGTON MANAGEMENT CO LLP Long Only Manager	Jean Marie Hynes CEO	$210.3M 0.04% of portfolio	7.36% 9.3M shares	Q4 2018 Held for 6y 11m	$571.21B
Deep Track Capital, LP Hedge Fund•Long/Short	David Eric Kroin CIO	$181.0M 5.15% of portfolio	6.33% 8.0M shares	Q1 2024 Held for 1y 8m	$3.5B
B BlackRock, Inc. Institution	-	$141.9M 0.00% of portfolio	4.96% 6.3M shares	Q4 2017 Held for 7y 11m	$5.67T
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	David Gary Kabiller Founder	$101.5M 0.07% of portfolio	3.55% 4.5M shares	Q1 2024 Held for 1y 8m	$156.17B
JENNISON ASSOCIATES LLC Long Only Manager	Jeffrey Todd Becker CEO	$98.4M 0.06% of portfolio	3.44% 4.3M shares	Q4 2017 Held for 7y 11m	$171.73B
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$91.4M 0.00% of portfolio	3.20% 4.0M shares	Q4 2017 Held for 7y 11m	$2.88T
EcoR1 Capital, LLC Hedge Fund•Sector	Scott Eric Perlen CFO	$78.0M 3.74% of portfolio	2.73% 3.4M shares	Q4 2021 Held for 3y 11m	$2.1B

Net Capital Flow

Institutional buying and selling activity for APLS in Q3 2025

Traded: −$96.2M
Buyers: 153
Sellers: 117
Total Bought: +$392.1M
Total Sold: −$488.3M
Avg Position: $9.3M

Biggest Buyers

Institution	Net Bought	Current Position
JENNISON ASSOCIATES LLC Long Only Manager	+$38.2M +1.7M shares	$98.4M 4.3M shares
Polar Capital Holdings Plc Long Only Manager	+$29.4M +1.3M shares	$60.0M 2.7M shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$25.8M +1.1M shares	$30.4M 1.3M shares
Deep Track Capital, LP Hedge Fund•Long/Short	+$22.6M +1.0M shares	$181.0M 8.0M shares
I ING GROEP NV Institution	+$19.6M +866.2K shares	$26.6M 1.2M shares
BANK OF NOVA SCOTIA / Institution	+$19.5M +861.4K shares	$33.0M 1.5M shares
ORBIMED ADVISORS LLC Hedge Fund•Sector	+$19.0M +841.1K shares	$52.6M 2.3M shares
K Kynam Capital Management, LP Hedge Fund•Long/Short	+$18.3M +808.6K shares	$18.3M 808.6K shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	+$16.1M +711.9K shares	$16.4M 722.9K shares
LOS ANGELES CAPITAL MANAGEMENT & EQUITY RESEARCH INC Long Only Manager	+$14.0M +620.8K shares	$14.0M 620.8K shares

Biggest Sellers

Institution	Net Sold	Current Position
EcoR1 Capital, LLC Hedge Fund•Sector	−$191.2M −8.4M shares	$78.0M 3.4M shares
Marshall Wace LLP Institution	−$52.2M −2.3M shares	$9.0M 396.7K shares
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	−$33.7M −1.5M shares	$101.5M 4.5M shares
UBS Group AG Institution	−$29.5M −1.3M shares	$77.6M 3.4M shares
BANK OF AMERICA CORP /DE/ Institution	−$21.5M −949.1K shares	$33.4M 1.5M shares
B BRAIDWELL LP Hedge Fund•Multi-Strategy	−$19.4M −1.1M shares	Sold Off 0 shares
R ROYAL BANK OF CANADA Institution	−$14.7M −651.4K shares	$3.3M 146.2K shares
C Capitolis Liquid Global Markets LLC Private Equity	−$9.4M −544.6K shares	Sold Off 0 shares
SCHWAB CHARLES INVESTMENT MANAGEMENT INC Long Only Manager	−$7.7M −342.1K shares	$14.6M 647.1K shares
LEUCADIA NATIONAL CORP Institution	−$7.4M −326.7K shares	$5.7M 251.6K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited APLS in Q3 2025

New Positions: 20
New Value: $15.4M
Exited Positions: 30
Exited Value: $49.1M

New Positions

Institution	Position Value
SILVERCREST ASSET MANAGEMENT GROUP LLC RIA/Wealth	$4.3M 190.5K shares
WORLDQUANT MILLENNIUM QUANTITATIVE STRATEGIES LLC Hedge Fund•Multi-Strategy	$2.5M 112.0K shares
S Simplify Asset Management Inc. Institution	$2.4M 106.9K shares
SRS Capital Advisors, Inc. RIA/Wealth	$1.9M 82.1K shares
HIGHLAND CAPITAL MANAGEMENT, LLC Long Only Manager	$1.1M 50.1K shares
Quantinno Capital Management LP Hedge Fund•Market Neutral	$1.1M 48.4K shares
P PharVision Advisers, LLC Hedge Fund•Long/Short	$504.4K 22.3K shares
C Concentric Capital Strategies, LP Hedge Fund•Long/Short	$406.9K 18.0K shares
SummitTX Capital, L.P. Hedge Fund•Multi-Strategy	$390.0K 17.2K shares
Wedmont Private Capital RIA/Wealth	$287.8K 11.4K shares

Exited Positions

Institution	Previous Position
B BRAIDWELL LP Hedge Fund•Multi-Strategy	$19.4M 1.1M shares
C Capitolis Liquid Global Markets LLC Private Equity	$9.4M 544.6K shares
TWO SIGMA ADVISERS, LLC Hedge Fund•Multi-Strategy	$4.4M 256.8K shares
PRUDENTIAL FINANCIAL INC Institution	$2.7M 154.0K shares
Connor, Clark & Lunn Investment Management Ltd. Long Only Manager	$2.1M 118.7K shares
Exome Asset Management LLC Hedge Fund•Sector	$1.7M 98.6K shares
Verition Fund Management LLC Hedge Fund•Multi-Strategy	$1.7M 95.6K shares
Phocas Financial Corp. Long Only Manager	$1.2M 71.6K shares
H HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND Institution	$969.4K 56.0K shares
Symphony Financial, Ltd. Co. RIA/Wealth	$872.2K 50.4K shares

Options Activity

Institutions with the largest Call and Put options positions in APLS as of Q3 2025

Call Positions: 22
Call Value: $92.8M
Put Positions: 15
Put Value: $17.3M

Call Positions

Institution	Position Value
Logos Global Management LP Hedge Fund•Long/Short	$22.6M 10.0K contracts
Caption Management, LLC Hedge Fund•Long/Short	$13.6M 6.0K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$10.6M 4.7K contracts
Ikarian Capital, LLC Hedge Fund•Event Driven	$8.1M 3.6K contracts
J J. Goldman & Co LP Hedge Fund•Multi-Strategy	$6.9M 3.1K contracts
J JANE STREET GROUP, LLC Institution	$6.8M 3.0K contracts
ORBIMED ADVISORS LLC Hedge Fund•Sector	$5.7M 2.5K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$3.3M 1.5K contracts
BOOTHBAY FUND MANAGEMENT, LLC Fund of Funds	$3.1M 1.4K contracts
P Parallax Volatility Advisers, LLC Hedge Fund•Vol Arbitrage	$2.8M 1.2K contracts

Put Positions

Institution	Position Value
J JANE STREET GROUP, LLC Institution	$4.7M 2.1K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$2.6M 1.1K contracts
N NOMURA HOLDINGS INC Institution	$2.4M 1.0K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$1.7M 757.0 contracts
Caption Management, LLC Hedge Fund•Long/Short	$1.5M 678.0 contracts
W WOLVERINE TRADING, LLC Institution	$1.3M 594.0 contracts
J J. Goldman & Co LP Hedge Fund•Multi-Strategy	$1.1M 501.0 contracts
Walleye Trading LLC RIA/Wealth	$828.3K 366.0 contracts
D D. E. Shaw & Co., Inc. Institution	$339.5K 150.0 contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$323.6K 143.0 contracts

Most Committed Institutions

Institutions with APLS as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
Deep Track Capital, LP Hedge Fund•Long/Short	David Eric Kroin CIO	5.15% $181.0M	6.33% 8.0M shares	Q1 2024 Held for 1y 8m	$3.5B
EcoR1 Capital, LLC Hedge Fund•Sector	Scott Eric Perlen CFO	3.74% $78.0M	2.73% 3.4M shares	Q4 2021 Held for 3y 11m	$2.1B
venBio Select Advisor LLC RIA/Wealth	Behzad Aghazadeh Managing Partner	3.58% $276.6M	9.68% 12.2M shares	Q1 2021 Held for 4y 8m	$7.7B
Octagon Capital Advisors LP Hedge Fund•Sector	Ting (Nmn) Jia Founder	3.21% $20.4M	0.72% 903.5K shares	Q4 2020 Held for 4y 11m	$637.4M
S Siren, L.L.C. Institution	-	2.45% $58.3M	2.04% 2.6M shares	Q3 2024 Held for 1y 2m	$2.4B
Ikarian Capital, LLC Hedge Fund•Event Driven	Neil Tristan Shahrestani CEO	2.07% $10.2M	0.36% 451.9K shares	Q1 2023 Held for 2y 8m	$494.3M
SUVRETTA CAPITAL MANAGEMENT, LLC Hedge Fund•Long/Short	Aaron Leonard Cowen CEO	1.97% $65.1M	2.28% 2.9M shares	Q4 2024 Held for 11 months	$3.3B
K Kynam Capital Management, LP Hedge Fund•Long/Short	Jared Joseph Keller COO	1.36% $18.3M	0.64% 808.6K shares	Q3 2025 Held for 2 months	$1.3B
ORBIMED ADVISORS LLC Hedge Fund•Sector	Sam Block Iii CFO	1.28% $52.6M	1.84% 2.3M shares	Q1 2023 Held for 2y 8m	$4.1B
C Corton Capital Inc. Institution	-	1.03% $417.0K	0.01% 18.4K shares	Q2 2024 Held for 1y 5m	$40.6M

Hedge Fund Spotlight

Discover hedge funds investing in APLS

CAPSTONE INVESTMENT ADVISORS, LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerPaul Matthew Britton

Portfolio Value: $9.4B
Positions: 1,012
Last Reported: Q3 2025

Sector Allocation

Position in Apellis Pharmaceuticals, Inc.

Market Value: $483.6K
Shares Held: 21.4K
Portfolio Weight: 0.01%
Owned Since: 2025-Q2

Top Holding	Sector	Market Value	Weight
1 Nvidia NVDA	Semiconductors Technology	$1.3B	13.35%
2 Microsoft MSFT	Software - Infrastructure Technology	$1.1B	11.84%
3 Amazon AMZN	Specialty Retail Consumer Cyclical	$1.0B	11.12%