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."
Published first on TheFly
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