RBC Capital analyst Brian Abrahams downgraded Galapagos to Underperform from Sector Perform with an unchanged $175 price target. The analyst notes that after "substantial appreciation" in its stock price, the company's valuation places "overly optimistic" expectations of its pipeline relative to its remaining risks. Abrahams adds that he remains positive on Galapagos' lead drug filgotinib's regulatory and commercial prospects, but sees its potential as "more than baked in", stating that the company is otherwise lacking a promising autoimmune-focused R&D platform.