Will APLS Stock, Take Support?

The share price of Apellis Pharmaceuticals Inc (NASDAQ: APLS) has plunged by a huge 60% in the past month, adding to the woes of its shareholders over the last year. Moreover, the stock has not done well, decreasing by 33.33% in the last six months. Apellis Pharmaceuticals Stock has a negative Year-to-Date return of 32.17% and a 1-year return of 35.30%.

Despite such a massive decline in APLS Price, Apellis Pharmaceuticals may still look very overvalued at the moment with a price-to-sales (or “P/S”) ratio of 37.8x, since nearly half of all the companies dealing with the Biotech industry in the United States have P/S ratios below 12.7x and even P/S below 4x are quite common. APLS Stock is pricey based on its Price-To-Sales Ratio (37.8x) compared to the industry average.

The earnings of Apellis Pharmaceuticals Stock have been shrinking by an average of -34.3% per year, while the Biotechs industry saw its earnings grow by 32.1% annually. According to Simplywall, a website that provides financial analysis, the revenues of Apellis Pharmaceuticals Stock have been increasing at an average rate of 47% per year.

The market capitalization of Apellis Pharmaceuticals Stock is $4.005 Billion, the total revenue is $75.422 Billion, and APLS Stock Earnings declined and are negative $652.172 Million. Moreover, the APLS stock’s basic EPS declined and is negative $6.28. Moreover, the average volume is 5.082 Million and the current volume is 5.66 Million, the present volume is above average volume.

Technical Analysis of APLS Stock Price in 1-D Time Frame

The price action shows that Apellis Pharmaceuticals Inc (NASDAQ: APLS) Stock price began its journey in 2023 by rallying upwards from a major demand zone of around $47 and reached an all-time high level of around $94 in about six and a half months. 

However, the APLS Price plunged by 60% sharply, breaking all the intermediate supports along the way. The  APLS Stock Price is currently trading at $34.39 and may fall further as the fundamentals of the APLS Stock have deteriorated drastically. 

The APLS price may drop to the nearest support levels at $31.32 and $26.42. On the other hand, if the APLS price finds support at the current level and rises, it may reach the nearest resistance levels at $42.28 and $47.51.

At the time of publishing, Apellis Pharmaceuticals Inc (NASDAQ: APLS) is trading below the 20, 50, 100, and 200-day EMAs (exponential moving average), rejecting the Apellis Pharmaceuticals Stock price trend. Hence, APLS stock price is expected to move downwards giving bearish signals over the daily time frame chart.

The current value of RSI is 11.77 points. The 14 SMA is at 34.42 points which indicates that the price is extremely bearish as the RSI line took rejection from the 14 SMA line.

The MACD line at 12.44 and signal line at 6.32 are below the zero line and a bearish crossover was observed in the MACD oscillator which signals more bearishness for the APLS share Price.

Summary

Apellis Pharmaceuticals Inc. (NASDAQ: APLS) shows that the investors and traders of the stock are bearish on the 1-D time frame. The price action shows a bearish outlook at the time of publishing. The technical parameters of the Apellis Pharmaceuticals Stock price also support the bearish trend. The major indicators MACD, RSI, and EMA are giving negative signals and imply that the downtrend may continue in APLS stock price.

Technical Levels

• The nearest support levels: $31.32 and $26.42.
• The nearest resistance levels: $42.28 and $47.51.

Disclaimer

In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets or stocks comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing

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