bruguy schreef op 19 augustus 2021 09:26:
** Barclays revises its view on Galapagos and
downgrades Dutch biotechnology company back to "equal-weight"
** The brokerage says "mea culpa" after upgrading the stock
in April on the back of positive early-stage pipeline results
** Now it points to underwhelming patients' response to TYK2
asset GLPG3667 in psoriasis reported in Phase 1b data released
in mid-July and small positive clinical signal of Toledo
molecule GLPG3970 in the same disease
** Barclays also now questions management's ability to get
acquisitions of assets in inflammation, fibrosis and broader
kidney disease done near term
** The brokerage says its "equal-weight" view is underpinned
by valuation, adding that Galapagos is trading at a 25% discount
to its cash balance, which is extreme versus peers
** Earlier this month, Jefferies, RBC and Deutsche Bank cut
the firm's rating following its Q2 results
** Out of 13 analysts covering Galapagos, none rates the
stock "strong buy" or "buy",? 11 have a "hold" rating and 2?
rate the stock "strong sell" or "sell"
(Reporting by Michal Aleksandrowicz)