Leerink analyst Faisal Khurshid upgraded Galapagos (GLPG) to Outperform from Market Perform with a price target of $40, up from $29. The firm has “renewed confidence” in the company’s plans to ease spending and pursue reasonable business development following the announcement that it would wind down its cell therapy business. In addition, Galapagos shares continue to trade at “deeply negative” enterprise value, the analyst tells investors in a research note. Leerink believes the company’s new management has proven capable of “making tough but needed decisions.” The firm sees the stock trading up towards Galapagos’ cash balance as the market gains confidence in management.
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