Fly News Breaks for December 17, 2019
Dec 17, 2019 | 07:37 EDT
Morgan Stanley analyst Matthew Harrison downgraded Galapagos to Equal Weight from Overweight with a price target of $215, up from $193. He still views the company as a "key biotech with significant pipeline optionality bolstered by strong downside protection from its large cash position," but Harrison notes that the stock has risen 45% recently despite any major fundamental updates. The short-term valuation has moved ahead of fundamental value, said Harrison, who needs to see more pipeline data to justify a significantly further raise in his price target.
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