Galapagos (NASDAQ:GLPG) Downgraded to Underweight Rating by Morgan Stanley

Morgan Stanley downgraded shares of Galapagos (NASDAQ:GLPG) from an equal weight rating to an underweight rating in a research report released on Friday, Marketbeat reports. The firm currently has $22.00 price objective on the biotechnology company’s stock, down from their prior price objective of $31.00.

Other equities research analysts have also issued reports about the stock. Royal Bank of Canada cut their target price on shares of Galapagos from $32.00 to $30.00 and set a “sector perform” rating on the stock in a report on Friday, November 1st. Barclays reiterated an “underweight” rating on shares of Galapagos in a report on Thursday, January 23rd. TD Cowen lowered shares of Galapagos from a “strong-buy” rating to a “strong sell” rating in a report on Thursday, January 9th. Finally, Kepler Capital Markets lowered shares of Galapagos from a “hold” rating to a “reduce” rating in a report on Wednesday, November 20th. Five investment analysts have rated the stock with a sell rating and five have given a hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $26.75.

Galapagos Stock Performance

Shares of NASDAQ GLPG opened at $25.44 on Friday. The company’s 50 day simple moving average is $25.48 and its 200 day simple moving average is $27.05. Galapagos has a fifty-two week low of $22.36 and a fifty-two week high of $40.34.

Institutional Investors Weigh In On Galapagos

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Aquatic Capital Management LLC acquired a new stake in shares of Galapagos during the fourth quarter worth $726,000. Gilead Sciences Inc. acquired a new stake in shares of Galapagos during the fourth quarter worth $461,727,000. XTX Topco Ltd raised its holdings in shares of Galapagos by 137.8% during the fourth quarter. XTX Topco Ltd now owns 19,833 shares of the biotechnology company’s stock worth $545,000 after acquiring an additional 11,492 shares during the period. Renaissance Technologies LLC raised its holdings in shares of Galapagos by 1.5% during the fourth quarter. Renaissance Technologies LLC now owns 296,100 shares of the biotechnology company’s stock worth $8,143,000 after acquiring an additional 4,421 shares during the period. Finally, Finepoint Capital LP grew its position in Galapagos by 21.0% in the fourth quarter. Finepoint Capital LP now owns 674,762 shares of the biotechnology company’s stock valued at $18,556,000 after purchasing an additional 117,000 shares in the last quarter. 32.46% of the stock is currently owned by institutional investors and hedge funds.

Galapagos Company Profile

Galapagos NV, a biotechnology company, develops medicines focusing on oncology and immunology primarily in the United States and Europe. The company's pipeline products comprise GLPG3667 that has completed phase 1b trial; GLPG5101, a CD19 CAR-T product candidate manufactured at point-of-care, currently in Phase1/2 trial in relapsed/refractory non-hodgkin lymphoma; GLPG5201, a CD19 CAR-T product candidates manufactured at point-of-care, currently in phase 1/2 trial in replapsed/refractory chronic lymphocytic leukemia; and GLPG5301, a BCMA CAR-T product candidate manufactured at point-of-care, currently in phase 1/2 in relapsed/refractory multiple myeloma.