Nomura Securities Starts Galapagos NV (GLPG) at Buy

Nomura Securities initiates coverage on Galapagos NV (NASDAQ: GLPG) with a Buy rating and a price target of $73.00.

Analyst M. Ian Somaiya commented, "Our Buy rating is supported by the blockbuster opportunity for the company’s lead oral JAK1 inhibitor, filgotinib, for the treatment of rheumatoid arthritis (data released in April) and potentially Crohn’s disease (data 4Q15/1Q16). We believe the strength of the DARWIN 1 & 2 Phase II data in RA increases the likelihood of AbbVie exercising its opt-in rights on filgotinib in September and GLPG collecting a $200mn milestone payment. In addition, we believe the company’s rapidly advancing cystic fibrosis (CF) pipeline (also partnered with AbbVie) and GLP1205 for ulcerative colitis represent free call options for investors, with data in 2016. FY15E EPS at (€ 0.03); FY16E EPS at (€ 2.46)."

For an analyst ratings summary and ratings history on Galapagos NV click here. For more ratings news on Galapagos NV click here.

Shares of Galapagos NV closed at $52.07 yesterday.

You May Also Be Interested In

• Emkay Global Starts Urban Company (URBANCO:IN) at Buy (1)
• ICICI Securities Resumes Dalmia Bharat Ltd (DALBHARA:IN) at Add (2)
• UBS Downgrades Klarna (KLAR) to Neutral