Galapagos (NASDAQ:GLPG) Sees Strong Trading Volume – Time to Buy?

Galapagos NV (NASDAQ:GLPG) shares saw strong trading volume on Wednesday . 268,143 shares changed hands during trading, an increase of 78% from the previous session’s volume of 150,408 shares.The stock last traded at $28.20 and had previously closed at $26.90.

Analysts Set New Price Targets

GLPG has been the topic of several research reports. Raymond James downgraded Galapagos from an “outperform” rating to a “market perform” rating in a research report on Friday, August 2nd. Kepler Capital Markets downgraded Galapagos from a “hold” rating to a “reduce” rating in a report on Wednesday, November 20th. Royal Bank of Canada cut their price target on shares of Galapagos from $32.00 to $30.00 and set a “sector perform” rating on the stock in a report on Friday, November 1st. Leerink Partnrs upgraded shares of Galapagos to a “hold” rating in a research note on Monday, September 9th. Finally, Leerink Partners initiated coverage on shares of Galapagos in a research note on Monday, September 9th. They issued a “market perform” rating and a $24.00 price objective on the stock. Two research analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $30.75.

Galapagos Trading Up 4.5 %

The stock’s fifty day moving average price is $28.48 and its 200-day moving average price is $27.47.

Institutional Investors Weigh In On Galapagos

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GLPG. Stonepine Capital Management LLC raised its holdings in Galapagos by 23.2% in the 2nd quarter. Stonepine Capital Management LLC now owns 485,000 shares of the biotechnology company’s stock valued at $12,018,000 after buying an additional 91,366 shares during the period. DME Capital Management LP lifted its holdings in shares of Galapagos by 46.9% in the 2nd quarter. DME Capital Management LP now owns 234,828 shares of the biotechnology company’s stock worth $5,819,000 after acquiring an additional 75,000 shares during the last quarter. Crossmark Global Holdings Inc. purchased a new position in shares of Galapagos during the 3rd quarter worth approximately $1,077,000. Creative Planning acquired a new stake in Galapagos in the 2nd quarter valued at approximately $456,000. Finally, Millennium Management LLC raised its position in Galapagos by 5.3% in the second quarter. Millennium Management LLC now owns 341,639 shares of the biotechnology company’s stock valued at $8,466,000 after purchasing an additional 17,089 shares during the period. Hedge funds and other institutional investors own 32.46% of the company’s stock.

Galapagos Company Profile

Galapagos NV, a biotechnology company, develops medicines focusing on oncology and immunology primarily in the United States and Europe. The company's pipeline products comprise GLPG3667 that has completed phase 1b trial; GLPG5101, a CD19 CAR-T product candidate manufactured at point-of-care, currently in Phase1/2 trial in relapsed/refractory non-hodgkin lymphoma; GLPG5201, a CD19 CAR-T product candidates manufactured at point-of-care, currently in phase 1/2 trial in replapsed/refractory chronic lymphocytic leukemia; and GLPG5301, a BCMA CAR-T product candidate manufactured at point-of-care, currently in phase 1/2 in relapsed/refractory multiple myeloma.