Apellis downgraded to Market Perform from Outperform at William Blair

William Blair downgraded Apellis (APLS) to Market Perform from Outperform. Biogen’s (BIIB) acquisition of Apellis for $41 per share in cash plus up to $4 in contingent value right payouts is a good deal for Apellis, the analyst tells investors in a research note. The firm sees little room for further appreciation and does not expect a competitive bidder to emerge.