Royal Bank Of Canada Forecasts Strong Price Appreciation for Galapagos (NASDAQ:GLPG) Stock

Galapagos (NASDAQ:GLPG) had its price target hoisted by research analysts at Royal Bank Of Canada from $28.00 to $32.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a “sector perform” rating on the biotechnology company’s stock. Royal Bank Of Canada’s price objective would indicate a potential upside of 1.61% from the stock’s current price.

A number of other brokerages have also recently commented on GLPG. Leerink Partnrs raised shares of Galapagos from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, October 22nd. Weiss Ratings reissued a “sell (d)” rating on shares of Galapagos in a research note on Wednesday, October 8th. Deutsche Bank Aktiengesellschaft reaffirmed a “sell” rating on shares of Galapagos in a research note on Tuesday, August 5th. Leerink Partners set a $40.00 target price on Galapagos and gave the company an “outperform” rating in a research report on Tuesday, October 21st. Finally, Wall Street Zen upgraded Galapagos from a “sell” rating to a “hold” rating in a research report on Saturday, July 26th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, one has assigned a Hold rating and six have given a Sell rating to the company. According to MarketBeat, Galapagos currently has an average rating of “Reduce” and an average price target of $31.33.

Galapagos Price Performance

Shares of NASDAQ GLPG traded up $0.29 during midday trading on Friday, reaching $31.49. 152,429 shares of the stock traded hands, compared to its average volume of 297,962. The company’s 50 day moving average is $32.91 and its 200 day moving average is $30.60. Galapagos has a one year low of $22.36 and a one year high of $37.78. The stock has a market capitalization of $2.08 billion, a PE ratio of -20.06 and a beta of 0.23.

Institutional Investors Weigh In On Galapagos

A number of institutional investors and hedge funds have recently modified their holdings of the business. GAMMA Investing LLC boosted its holdings in Galapagos by 79.4% during the 3rd quarter. GAMMA Investing LLC now owns 1,473 shares of the biotechnology company’s stock valued at $51,000 after acquiring an additional 652 shares during the period. State of Wyoming purchased a new stake in Galapagos in the second quarter worth $28,000. American Century Companies Inc. increased its stake in Galapagos by 7.7% in the first quarter. American Century Companies Inc. now owns 27,839 shares of the biotechnology company’s stock worth $699,000 after purchasing an additional 1,987 shares during the period. Wealthquest Corp bought a new stake in shares of Galapagos during the first quarter worth $74,000. Finally, QRG Capital Management Inc. boosted its stake in shares of Galapagos by 55.7% during the second quarter. QRG Capital Management Inc. now owns 15,096 shares of the biotechnology company’s stock valued at $423,000 after purchasing an additional 5,399 shares during the period. 32.46% of the stock is owned by institutional investors.

Galapagos Company Profile

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.