Could you post a picture maybe? I have a finger coral that is really finicky. It'll shrivel up and look like it wants to die and then snap back to life all of a sudden. Sometimes it'll pull this act for a week and then be fine for another week and so on and so forth. I just ignore it now. Sometimes it looks like shriveled crap and sometimes it looks like a million bucks.
Besides the possibility of being in a new tank, when these corals grow they shrivel up and slough off skin. It looks like they're about to bite the dust but they're really just growing!
Is it attached to the rock or is it lying on top of it?
Most of the time there isn't much you can do anyways except water changes, so this might be a good excuse to clean out that water a bit.