Galapagos (NASDAQ:GLPG) Shares Gap Down – Should You Sell?

Galapagos NV (NASDAQ:GLPG) gapped down prior to trading on Thursday . The stock had previously closed at $24.97, but opened at $23.94. Galapagos shares last traded at $24.25, with a volume of 92,471 shares trading hands.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Royal Bank of Canada decreased their price target on shares of Galapagos from $32.00 to $30.00 and set a “sector perform” rating on the stock in a research note on Friday, November 1st. Barclays reissued an “underweight” rating on shares of Galapagos in a research report on Thursday, January 23rd. Kepler Capital Markets downgraded Galapagos from a “hold” rating to a “reduce” rating in a report on Wednesday, November 20th. Morgan Stanley downgraded Galapagos from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $31.00 to $22.00 in a research report on Friday. Finally, TD Cowen lowered Galapagos from a “strong-buy” rating to a “strong sell” rating in a research note on Thursday, January 9th. Five investment analysts have rated the stock with a sell rating and five have issued a hold rating to the company’s stock. According to MarketBeat, Galapagos currently has a consensus rating of “Hold” and a consensus target price of $26.75.

Galapagos Price Performance

The company has a 50-day simple moving average of $25.48 and a 200-day simple moving average of $27.05.

Hedge Funds Weigh In On Galapagos

Several institutional investors have recently bought and sold shares of the business. Gilead Sciences Inc. bought a new position in Galapagos in the 4th quarter valued at $461,727,000. Finepoint Capital LP raised its position in shares of Galapagos by 21.0% during the fourth quarter. Finepoint Capital LP now owns 674,762 shares of the biotechnology company’s stock worth $18,556,000 after acquiring an additional 117,000 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of Galapagos by 1.5% during the fourth quarter. Renaissance Technologies LLC now owns 296,100 shares of the biotechnology company’s stock worth $8,143,000 after acquiring an additional 4,421 shares during the last quarter. Norges Bank bought a new stake in shares of Galapagos during the fourth quarter worth $3,300,000. Finally, Crossmark Global Holdings Inc. raised its position in shares of Galapagos by 31.5% during the fourth quarter. Crossmark Global Holdings Inc. now owns 49,163 shares of the biotechnology company’s stock worth $1,352,000 after acquiring an additional 11,777 shares during the last quarter. Institutional investors own 32.46% of the company’s stock.

About Galapagos

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.