BofA downgraded Galapagos to Underperform from Neutral with a price target of $31, down from $41. The firm is concerned that the stock “remains a value trap,” the analyst tells investors. The company’s enterprise value has remained stuck at negative $1.5B-$2B for over two years and the firm does not see a near-to-medium term fix, says the analyst, who adds that the company’s M&A focus on early-stage assets lowers the risk that investors will unwind the heavy cash discount priced into the stock.
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Read More on GLPG:
- Galapagos price target lowered to EUR 35 from EUR 36 at Morgan Stanley
- Galapagos assumed with an Equal Weight at Morgan Stanley
- Galapagos price target lowered to $41 from $44 at BofA
- Galapagos price target lowered to EUR 33 from EUR 37 at Barclays
- Galapagos reports FY23 revenue EUR 543.8M vs EUR 264M last year