Deutsche Bank downgraded Galapagos (GLPG) to Sell from Hold with a price target of EUR 19, down from EUR 22, after the company decided to drop their cash guidance for FY25 along with the company’s Q2 earnings report, stating that a strategy review is required to develop a better understanding of the cash runway going forward. The firm cites the removal of the cash guidance, uncertainty around the company’s structure and risks around future business development and current cell therapy programs for its downgrade.
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