Galapagos (NASDAQ:GLPG) Shares Gap Up Following Earnings Beat

Galapagos NV (NASDAQ:GLPG)’s stock price gapped up before the market opened on Tuesday following a stronger than expected earnings report. The stock had previously closed at $33.87, but opened at $35.73. Galapagos shares last traded at $34.8550, with a volume of 151,101 shares.

The biotechnology company reported $2.86 earnings per share for the quarter, topping analysts’ consensus estimates of $0.85 by $2.01. The business had revenue of $1.06 billion for the quarter, compared to analysts’ expectations of $80.10 million.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Royal Bank Of Canada raised their price objective on shares of Galapagos from $28.00 to $32.00 and gave the stock a “sector perform” rating in a research report on Friday, November 7th. Sanford C. Bernstein began coverage on shares of Galapagos in a research note on Wednesday, November 26th. They set a “hold” rating on the stock. Weiss Ratings reiterated a “sell (d)” rating on shares of Galapagos in a research report on Thursday, January 22nd. Finally, Wall Street Zen upgraded shares of Galapagos from a “sell” rating to a “hold” rating in a research report on Tuesday, December 30th. One analyst has rated the stock with a Strong Buy rating, two have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $36.00.

Hedge Funds Weigh In On Galapagos

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. State of Wyoming acquired a new position in shares of Galapagos in the 2nd quarter worth $28,000. GAMMA Investing LLC boosted its holdings in shares of Galapagos by 79.4% in the third quarter. GAMMA Investing LLC now owns 1,473 shares of the biotechnology company’s stock worth $51,000 after buying an additional 652 shares during the period. Van ECK Associates Corp increased its position in shares of Galapagos by 61.6% in the fourth quarter. Van ECK Associates Corp now owns 1,968 shares of the biotechnology company’s stock worth $64,000 after acquiring an additional 750 shares in the last quarter. Arax Advisory Partners raised its holdings in shares of Galapagos by 319.2% during the fourth quarter. Arax Advisory Partners now owns 2,335 shares of the biotechnology company’s stock valued at $76,000 after acquiring an additional 1,778 shares during the period. Finally, Quadrant Capital Group LLC purchased a new stake in shares of Galapagos in the 3rd quarter valued at approximately $134,000. 32.46% of the stock is owned by institutional investors.

Galapagos Trading Up 2.2%

The firm’s 50-day simple moving average is $33.43 and its two-hundred day simple moving average is $32.73. The stock has a market capitalization of $2.28 billion, a PE ratio of -22.00 and a beta of 0.24.

Galapagos Company Profile

Galapagos NV (NASDAQ:GLPG) is a clinical-stage biotechnology company headquartered in Mechelen, Belgium, focused on the discovery and development of novel small-molecule therapies. Established in 1999 through the merger of Tibotec and Progenix, Galapagos has built a research platform targeting chronic inflammatory diseases, fibrosis and oncology. The company’s discovery engine integrates human genetics, translational biology and medicinal chemistry to identify and optimize drug candidates with unique modes of action.

The company’s pipeline encompasses multiple programs across various stages of development.