(ABM FN-Dow Jones) The failed Phase 2 research study with a potential treatment for knee osteoarthritis is another blow to sentiment in Galapagos stock. Jefferies analysts said this Friday.
A Phase 2 ROCCELLA research study failed to achieve the primary end goal. Jefferies noted earlier that the risks surrounding this study were high and the success rate was 20 percent. According to Jefferies, a successful study was worth around 5 euros per share.
Despite the high risk of failure and relatively small contribution, the news puts further pressure on sentiment around the stock as focus on the pipeline has increased following the FDA’s negative opinion on filgotinib.
Jefferies maintains the Houden advice with a target price of 133.00 euros. Jefferies noted that the cash position is currently good at 90.00 euros per share, but also that the cash burn remains high.
ABM Financial News; [email protected]; Redactie: +31(0)20 26 28 999.
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