Citi would buy Apellis on dip after talking to management about CMO change

Citi analyst Yigal Nochomovitz tells investors that Apellis management gave an "unambiguous" answer to him when asked about Dr. Baumal’s access in pre-employment discussions that Baumal has "seen pretty much everything at this point," including the back and forth with the FDA, which he thinks "speaks volumes" about her belief in GA approval and decision to join the company as its CMO. Nochomovitz, who would recommend buying Apellis shares amid the dip today, reiterates a Buy rating, $86 price target and the stock’s position on Citi’s U.S. Focus List. Apellis shares are down $2.76, or nearly 6%, to $47.32 in afternoon trading.