Gala-diner schreef op 11 augustus 2017 16:38:
[...]
We are upgrading Galapagos to Buy from Hold and increasing our TP to $101 from $83 based on: 1) what we view as clearly positive early P2 POC results for wholly-owned GLPG1690 in idiopathic pulmonary fibrosis (IPF) – which compels us to include the drug in our model at a very reasonable 10% probability of success (POS), and; 2) reduced downside risk associated
with Galapagos’ CF triple combo - as we believe recently announced delay of P2 launch and positive Vertex triple results have brought Street views in line with our 15% POS. In addition, positive GLPG1690 results increase our confidence in the company’s target discovery platform.
With ~$1.5B in cash, Galapagos remains well-positioned to capitalize on its internal discovery
efforts, in our view.