uniQure (QURE) PT Cut to $12 at Chardan Capital Markets; 'Buy' Maintained on Simplification

Chardan Capital Markets analyst Gbola Amusa lowered its price target on uniQure BV (NASDAQ: QURE) to $12.00 (from $20.00) on drug discontinuations after a strategic review but maintained a Buy on the simplifying of the company.

Amusa commented, "uniQure is simplifying its company structure, and will de-emphasize Sanfilippo B and Parkinson's disease programs. This morning, uniQure announced, and held a conference call to discuss, the completion of a company-wide strategic review aimed at refocusing its pipeline and consolidating its manufacturing. uniQure will prioritize its programs in hemophilia B, Huntington's disease and collaborations with Bristol-Myers Squibb (unrated) in cardiovascular disease. Additionally, the company has initiated discussions with its collaborator regarding the potential discontinuation of licensing
discussions for AMT-110 for the treatment of Sanfilippo B, and will pursue partnering opportunities for its academic-sponsored program, AMT-090, in Parkinson's disease. The company will consolidate all GMP manufacturing at its Lexington, MA facility and will maintain a smaller R&D organization in the Netherlands. The company expects to realize €5-6 mm in annualized cost savings, as it will reduce its staff by 50-60 positions (20-25%) by end-2017. With the cost savings,
uniQure believes its existing cash resources will be sufficient to fund operations into 2019, versus 2018 previously."

For an analyst ratings summary and ratings history on uniQure BV click here. For more ratings news on uniQure BV click here.

Shares of uniQure BV closed at $8.30 yesterday.

You May Also Be Interested In

• Boston Scientific (BSX) PT Raised to $83 at Stifel
• Citi Upgrades United Microelectronics Corp (2303:TT) (UMC) to Buy 'with limited downside'
• Goldman Sachs Downgrades Zhejiang Huayou Cobalt Co Ltd. (603799:CH) to Sell