Oppenheimer maintained an Outperform rating on uniQure BV (NASDAQ: QURE), and cut the price target to $23.00 (from $50.00),following the company's 4Q. QURE ended the year with €203.5M (~$230M USD) in cash which estimates show will fund operations through 2018. Next hemophilia data is set to come out in 2Q16, while AMT-110 data is set for early 2017. However, gene therapy market risk remains substantial, and an unknown, particularly for AMT-060. Also, growing competition from conventional therapies may make uniQure's treatments less compelling.

Christopher Marai commented, "On April 4, uniQure reported 4Q15 and FY2015 financial results, ending the year with €203.5M (~$230M USD) in cash which we estimate will fund operations through 2018. UniQure is well-capitalized to fund ongoing trials and extension studies. We are taking this opportunity to revise our thesis and update our price target. We are lowering our price target to $23 from $50, reiterating our Outperform rating (details p. 4). Specifically, we note (1) gene therapy market risk remains substantial, and an unknown, particularly for AMT-060, and (2) emerging competition from conventional therapies may make uniQure's treatments (particularly AMT-110) less compelling. Its unique experience in the gene therapy space remains an asset, augmented and validated by the 2015 BMS collaboration."

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Shares of uniQure BV closed at $13.30 yesterday.