UBS significantly reduced the target for Galapagos from 77.00 to 55.00 euro by maintaining the neutral advice.

The analysts noted that the stock is below the cash position, but that this is not a reason to become more positive about the stock.

“After a few difficult months in which several studies did not show the desired results, Galapagos has found itself in a challenging position,” the market researchers said.

Now that the Toledo program is no longer a priority and the focus is now on other programs, UBS is focusing on one successful tool instead of two. In view of recent developments, UBS took several early-stage studies from the valuation of the stock. As a result, the bank came to a lower price target.

The Galapagos stock was 2.1 percent lower on Friday morning at 47.58 euros.

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