Looks like a Millepora to me. The white tips are a sign of growth, so it was probably in good health wherever it came from. The tissue looks ok, it just doesn't have much polyp extension. Does it look any different in the morning after the lights have been off for awhile? As previously asked, did it have good polyp extension when you bought it?
I would make sure it doesn't have too strong of flow directly on it. It does seem pretty low in the tank, depending on the lighting it was under before, you may want to move it up some.