Jefferies downgraded Apellis (APLS) to Hold from Buy with a price target of $41, down from $55, after news that Biogen (BIIB) is acquiring the company for $5.6B in cash up front, or $41 per share, and a non-transferable contingent value right per share. The firm, which thinks this is “a solid outcome,” views the Biogen transaction as “the best time/risk adjusted outcome” for Apellis shareholders.
Claim 55% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on APLS: