TD Cowen Downgrades Galapagos (NASDAQ:GLPG) to Strong Sell

Galapagos (NASDAQ:GLPG) was downgraded by analysts at TD Cowen from a “strong-buy” rating to a “strong sell” rating in a research note issued to investors on Thursday,Zacks.com reports.

GLPG has been the subject of several other research reports. Kepler Capital Markets cut shares of Galapagos from a “hold” rating to a “reduce” rating in a research report on Wednesday, November 20th. Royal Bank of Canada dropped their price objective on Galapagos from $32.00 to $30.00 and set a “sector perform” rating for the company in a report on Friday, November 1st. Three research analysts have rated the stock with a sell rating and six have given a hold rating to the stock. According to MarketBeat, Galapagos has a consensus rating of “Hold” and an average price target of $30.75.

Galapagos Price Performance

GLPG opened at $25.65 on Thursday. The company’s 50 day simple moving average is $27.26 and its 200-day simple moving average is $27.50. Galapagos has a one year low of $24.16 and a one year high of $40.34.

Hedge Funds Weigh In On Galapagos

A number of institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC raised its stake in Galapagos by 77.4% in the fourth quarter. GAMMA Investing LLC now owns 2,233 shares of the biotechnology company’s stock valued at $61,000 after buying an additional 974 shares during the period. Erste Asset Management GmbH bought a new stake in Galapagos in the 3rd quarter valued at $410,000. Finepoint Capital LP lifted its holdings in Galapagos by 2.8% during the 3rd quarter. Finepoint Capital LP now owns 557,762 shares of the biotechnology company’s stock valued at $16,058,000 after purchasing an additional 15,000 shares during the last quarter. Crossmark Global Holdings Inc. bought a new position in Galapagos during the third quarter worth $1,077,000. Finally, QRG Capital Management Inc. acquired a new position in shares of Galapagos in the third quarter valued at $247,000. 32.46% of the stock is currently owned by institutional investors and hedge funds.

About Galapagos

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.