JPMorgan analyst Anupam Rama downgraded Apellis (APLS) to Neutral from Overweight with a price target of $41, up from $37, after the company entered into an agreement to be acquired by Biogen (BIIB) for $41.00 per share in cash at closing, or $5.6B. Apellis stockholders will also receive a contingent value right for each Apellis share held, entitling the holder to receive two payments of $2 per share each, contingent on certain annual global net sales thresholds being met for Syfovre.
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