Apellis should be bought on selloff from Iveric deal, says Citi

Citi recommends using the selloff today in shares of Apellis Pharmaceuticals (APLS) following the buyout of Iveric bio (ISEE) as a buying opportunity. The market may initially view the Iveric news as implying Apellis has a materially lower probability of being acquired, the analyst tells investors in a research note. However, Citi believes the Iveric acquisition will accelerate pharma’s interest in Apellis as the only remaining independent and late-stage player in the geographic atrophy space. It says Apellis’ takeover thesis "remains strong."