Galapagos (NASDAQ:GLPG) Cut to Underweight at Morgan Stanley

Galapagos (NASDAQ:GLPG) was downgraded by investment analysts at Morgan Stanley from an “equal weight” rating to an “underweight” rating in a research report issued on Friday,Briefing.com Automated Import reports. They currently have a $22.00 price target on the biotechnology company’s stock, down from their previous price target of $31.00. Morgan Stanley’s price objective indicates a potential downside of 13.69% from the stock’s previous close.

A number of other equities research analysts have also recently issued reports on GLPG. Kepler Capital Markets cut Galapagos from a “hold” rating to a “reduce” rating in a research note on Wednesday, November 20th. Barclays reissued an “underweight” rating on shares of Galapagos in a research note on Thursday, January 23rd. Royal Bank of Canada decreased their price objective on Galapagos from $32.00 to $30.00 and set a “sector perform” rating on the stock in a report on Friday, November 1st. Finally, TD Cowen cut Galapagos from a “strong-buy” rating to a “strong sell” rating in a research note on Thursday, January 9th. Five investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $26.75.

Galapagos Stock Performance

Shares of NASDAQ:GLPG opened at $25.49 on Friday. The stock’s fifty day simple moving average is $25.54 and its two-hundred day simple moving average is $27.08. Galapagos has a 1-year low of $22.36 and a 1-year high of $40.34.

Hedge Funds Weigh In On Galapagos

Several institutional investors have recently bought and sold shares of the stock. GAMMA Investing LLC lifted its stake in shares of Galapagos by 140.7% in the 3rd quarter. GAMMA Investing LLC now owns 1,259 shares of the biotechnology company’s stock valued at $36,000 after purchasing an additional 736 shares during the last quarter. R Squared Ltd bought a new stake in shares of Galapagos in the 4th quarter valued at about $26,000. American Century Companies Inc. boosted its position in Galapagos by 5.9% during the 4th quarter. American Century Companies Inc. now owns 25,852 shares of the biotechnology company’s stock valued at $711,000 after acquiring an additional 1,431 shares in the last quarter. China Universal Asset Management Co. Ltd. grew its stake in Galapagos by 63.2% in the third quarter. China Universal Asset Management Co. Ltd. now owns 3,899 shares of the biotechnology company’s stock valued at $112,000 after purchasing an additional 1,510 shares during the last quarter. Finally, QRG Capital Management Inc. grew its holdings in Galapagos by 21.7% in the fourth quarter. QRG Capital Management Inc. now owns 10,455 shares of the biotechnology company’s stock worth $288,000 after purchasing an additional 1,866 shares during the last quarter. 32.46% of the stock is owned by hedge funds and other institutional investors.

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.