uniQure (QURE) PT Cut to $12 at Chardan Capital Markets; 'Buy' Maintained on Simplification
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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."
Shares of uniQure BV closed at $8.30 yesterday.
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Related EntitiesChardan Capital Markets, Gbola Amusa
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