BofA analyst Jason Gerberry downgraded Galapagos to Underperform from Neutral with an unchanged $213 price target, citing its valuation and risk-reward profile. The analyst notes that the company's operating expense is about 15%-20% higher than he previously expected, and sees the royalty revenue opportunity on filgotinib for rheumatoid arthritis as having already been priced into consensus sales up to FY25. Gerberry adds that he is concerned with the company being able to support its implied platform valuation ahead of its "risky" clinical trial data.