Citi analyst Yigal Nochomovitz believes that APL-2 will take a central role in the treatment of paroxysmal nocturnal hemoglobinuria patients who are poor responders to Alexion's (ALXN) Soliris following the report from Apellis (APLS) of its PEGASUS study top-line results. He is now assuming a 90% probability of approval, up from his prior view of 70%, and now believes that APL-2 can be about a $1B product in PNH. The "muted" stock reaction to the "overwhelmingly positive" data presents a very good buying opportunity, added Nochomovitz, who raised his price target on Apellis shares to $80 from $37.