Citi opens ‘positive 30-day Catalyst Watch’ on Apellis into FDA decision

Citi analyst Yigal Nochomovitz opened a "positive 30-day Catalyst Watch" on shares of Apellis Pharmaceuticals with the FDA action date for pegcetacoplan in geographic atrophy on February 26. The analyst expects FDA approval and believes the stock will react "very favorably to this highly material de-risking event." The firm also thinks the "M&A thesis will gain traction" with approval and has previously called out Bayer, Novartis, and Roche as potentially interested parties. Citi keeps a Buy rating on Apellis with an $86 price target.