Morgan Stanley Reiterates “Overweight” Rating for Galapagos NV (GLPG)
Galapagos NV (NASDAQ:GLPG)‘s stock had its “overweight” rating reissued by investment analysts at Morgan Stanley in a research note issued to investors on Thursday. They currently have a $92.00 price objective on the biotechnology company’s stock. Morgan Stanley’s target price would suggest a potential upside of 13.50% from the stock’s previous close.
GLPG has been the subject of a number of other reports. Janney Montgomery Scott lowered shares of Galapagos NV from a “buy” rating to a “sell” rating in a report on Monday, April 24th. BidaskClub lowered shares of Galapagos NV from a “hold” rating to a “sell” rating in a report on Saturday, August 5th. Nomura cut their target price on shares of Galapagos NV from $108.00 to $121.00 and set a “buy” rating for the company in a report on Thursday, June 22nd. Stifel Nicolaus raised their target price on shares of Galapagos NV from $65.00 to $83.00 and gave the company a “hold” rating in a report on Monday, May 1st. Finally, Zacks Investment Research lowered shares of Galapagos NV from a “buy” rating to a “hold” rating in a report on Monday, April 24th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $93.14.
Shares of Galapagos NV (NASDAQ GLPG) traded up 10.78% during midday trading on Thursday, hitting $81.06. 2,828,819 shares of the stock were exchanged. Galapagos NV has a 1-year low of $52.50 and a 1-year high of $94.88. The firm has a 50-day moving average of $77.54 and a 200-day moving average of $79.01. The company’s market capitalization is $4.12 billion.
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Hedge funds and other institutional investors have recently bought and sold shares of the company. Tower Research Capital LLC TRC purchased a new position in Galapagos NV during the first quarter valued at approximately $161,000. Acadian Asset Management LLC purchased a new position in Galapagos NV during the second quarter valued at approximately $166,000. Bank of Montreal Can raised its position in Galapagos NV by 8,736.4% in the first quarter. Bank of Montreal Can now owns 1,944 shares of the biotechnology company’s stock valued at $168,000 after buying an additional 1,922 shares during the last quarter. Pacad Investment Ltd. purchased a new position in Galapagos NV during the second quarter valued at approximately $168,000. Finally, Cim Investment Mangement Inc. purchased a new position in Galapagos NV during the first quarter valued at approximately $203,000. 19.99% of the stock is owned by institutional investors.
Galapagos NV Company Profile
Galapagos NV is a Belgium-based biotechnology company. The Company’s activities are divided into two operating divisions: Research and Development (R & D) and Services. The R & D division is engaged in the discovery and development of small molecules. The Services division, offers target-to-drug discovery products and services to pharmaceutical and biotechnology companies and to patient foundations, encompassing target discovery and validation, screening and drug discovery through to delivery of pre-clinical candidates.
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