Gilead's filgotinib likely being underestimated by Street, says Piper Sandler » 10:0305/2105/21/20
GILD, GLPG, PFE
Piper Sandler analyst…
Piper Sandler analyst Tyler Van Buren reiterates an Overweight rating on Gilead Sciences (GILD) with a $90 price target following the "positive" topline data from the Phase II/III SELECTION trial with partner Galapagos (GLPG) evaluating filgotinib in ulcerative colitis patients. The data suggest filgotinib offers the potential for durable disease remission with both treatment-naive and treatment-experienced ulcerative colitis patients and that it could work in Crohn's too, Van Buren tells investors in a research note. The analyst believes the profile is competitive with Pfizer's (PFE) Xeljanz, which he notes is anticipated to generate $2.5B in sales this year and approach $3.5B by 2025. The 2025 consensus estimate for filgotinib is at $1.2B, which would be reasonable if we were just talking about the lead rheumatoid arthritis indication, says Van Buren. As such, he believes the Street is likely underestimating the peak sales potential of a "broadly utilized autoimmune drug" like filgotinib.
Galapagos price target lowered to $270 from $302 at H.C. Wainwright » 09:0505/2105/21/20
H.C. Wainwright analyst…
H.C. Wainwright analyst Debjit Chattopadhyay lowered the firm's price target on Galapagos to $270 from $302 and keeps a Buy rating on the shares. While the SELECTION trial met its primary endpoint in ulcerative colitis, the statistical significant benefit across all primary endpoints was limited to patients treated with the 200 mg dose, Chattopadhyay tells investors in a research note. The limited data in the press release and subsequent management commentary suggest a differentiated safety profile versus other JAKi's with no imbalance between the treatment and placebo cohorts, adds the analyst. He dropped his price target for Galapagos to reflect the "lack of clarity on a number of key metrics, potential overhang from the MANTA study, and importantly implications for the Crohn's Phase 3."
Fly Intel: After-Hours Movers » 19:1005/2005/20/20
SCVL, HVT, EXPE, NDSN, ACB, TTWO, CPLG, SKY, ZTO, YY, CPRT, BOOT, HUYA, GLPG, SCPH, FLXN, RUTH, BSX, KDP
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Galapagos, Gilead report Phase 2B/3 results from filgotinib study » 16:0905/2005/20/20
Gilead Sciences (GILD)…
Gilead Sciences (GILD) and Galapagos (GLPG) announced "positive topline results from Selection a randomized, double-blind, placebo-controlled, Phase 2b/3 trial evaluating the efficacy and safety of the investigational, oral, once-daily, selective JAK1 inhibitor filgotinib in or biologic-experienced adult patients with moderately to severely active ulcerative colitis UC. Filgotinib 200 mg achieved all primary endpoints in the study, inducing clinical remission at Week 10 and maintaining clinical remission at Week 58 in a significantly higher proportion of patients compared with placebo. Filgotinib 100 mg did not achieve statistically significant clinical remission at Week 10. "We are encouraged by the early response as an induction therapy and the durable efficacy as a maintenance therapy observed in the SELECTION trial," said Merdad Parsey, MD, PhD, Chief Medical Officer, Gilead Sciences. "Patients with moderate to severe ulcerative colitis can struggle to effectively manage their disease. These topline data suggest that filgotinib could play a role in helping more patients achieve a meaningful and sustained improvement in treatment response with an oral therapy."
|Over a week ago|
Galapagos price target raised to EUR 200 from EUR 194 at UBS » 14:5605/1805/18/20
UBS analyst Laura…
UBS analyst Laura Sutcliffe raised the firm's price target on Galapagos to EUR 200 from EUR 194 and keeps a Neutral rating on the shares.
Galapagos price target raised to EUR 235 from EUR 225 at Barclays » 12:5605/1505/15/20
Barclays analyst Emily…
Barclays analyst Emily Field raised the firm's price target on Galapagos to EUR 235 from EUR 225 and keeps an Overweight rating on the shares.
Galapagos downgraded to Hold from Buy at Degroof Petercam » 05:2805/0805/08/20
Degroof Petercam analyst…
Degroof Petercam analyst Benoit Louage downgraded Galapagos to Hold from Buy with a EUR 220 price target.
|Over a month ago|
Galapagos upgraded to Buy from Hold at Jefferies » 09:1603/3003/30/20
Jefferies analyst Peter…
Jefferies analyst Peter Welford upgraded Galapagos to Buy from Hold with a price target of $232, down from $243. He is optimistic that the upcoming filgotinib Phase 3 SELECTION ulcerative colitis data will be positive and suspects filgotinib will be at least be on par with Xeljanz' efficacy, but with a potentially best-in-class safety profile, the analyst tells investors. He forecasts $6B in worldwide peak sales for filgotinib, Welford noted.
Galapagos upgraded to Sector Perform from Underperform at RBC Capital » 06:2803/1803/18/20
RBC Capital analyst Brian…
RBC Capital analyst Brian Abrahams upgraded Galapagos to Sector Perform from Underperform with a price target of $157, down from $175. The analyst notes that after the recent 43% downside from February highs, the stock more fairly reflects the value of Filgotinib and the company's pipeline within the autoimmune-focused R&D platform as balanced against risks. Abrahams adds that Galapagos' pipeline and strong balance sheet should offer the company greater optionality and staying power.
Galapagos upgraded to Sector Perform from Underperform at RBC Capital » 06:1503/1803/18/20
RBC Capital analyst Brian…
RBC Capital analyst Brian Abrahams upgraded Galapagos to Sector Perform from Underperform with a price target of $157, down from $175.