Galapagos downgraded to Neutral from Buy at Citi

Citi downgraded Galapagos to Neutral from Buy with a EUR 41 price target. The commercial outlook for Jyseleca has deteriorated further and timelines for the company’s key pipeline assets are being delayed, the analyst tells investors in a research note. The firm says that with meaningful clinical datasets now not expected until 2025, it finds it difficult to defend a Buy thesis in the short term.