Apellis price target raised to $41 from $25 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Apellis (APLS) to $41 from $25 and keeps an Equal Weight rating on the shares after Biogen (BIIB) agreed to acquire Apellis for $41 per share in cash upfront. The upfront payment, which represents an 86% premium to the 90-day volume-weighted average price of Apellis shares, reflects anticipated synergies stemming from the deal, the analyst tells investors in a research note. The firm added that it updated its price target to $41 based on the upfront terms of the deal.