Cantor Fitzgerald analyst Eliana Merle says she still expects a "strong" 2020 from Galapagos following the announcement that clinical development of MOR106 in atopic dermatitis has been stopped for futility. The analyst lowered her price target for the shares to $187 from $188 and reiterates an Overweight rating on the name. She thinks there was "limited investor credit baked in" for the MOR106 program and that Galapagos had relatively limited economics. Many clinical catalysts in 2020 are underappreciated for Galapagos, Merle tells investors in a research note.