Galapagos downgraded to Market Perform from Outperform at Raymond James

Raymond James analyst Dane Leone downgraded Galapagos to Market Perform from Outperform without a price target. Last week, Galapagos reported Q3 revenues below the firm’s estimate and said there will be a focus on immunology and oncology for which the company is largely agnostic to modality, looking to combine their background in small molecule design with antibody and cell therapy approaches in oncology, Leone tells investors in a research note. The analyst says that the company plans to let go roughly 200 employees, due to a discontinuation of programs in fibrosis and kidney disease.