RBC Capital analyst Brian Abrahams raised the firm’s price target on Galapagos (GLPG) to $28 from $27 and keeps a Sector Perform rating on the shares. The formal wind-down of the CAR-T program is not entirely surprising, but forces a re-think of how to appropriately value a company with a significant balance sheet and a biopharma-experienced leadership team but which is effectively a cash shell with unknown BD outcomes and some encumbrance from the Gilead (GILD) collaboration, the analyst tells investors in a research note.
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