Galapagos (NASDAQ:GLPG) Shares Gap Down - Here's What Happened

Galapagos NV (NASDAQ:GLPG - Get Free Report)'s stock price gapped down prior to trading on Thursday . The stock had previously closed at $28.59, but opened at $26.94. Galapagos shares last traded at $26.69, with a volume of 99,850 shares trading hands.

Analysts Set New Price Targets

GLPG has been the topic of a number of recent research reports. Leerink Partners initiated coverage on Galapagos in a report on Monday, September 9th. They issued a "market perform" rating and a $24.00 target price on the stock. Leerink Partnrs raised Galapagos to a "hold" rating in a report on Monday, September 9th. Finally, Raymond James lowered Galapagos from an "outperform" rating to a "market perform" rating in a report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating and five have assigned a hold rating to the company's stock. Based on data from MarketBeat, Galapagos presently has an average rating of "Hold" and an average price target of $31.00.

Galapagos Price Performance

The company has a fifty day simple moving average of $29.19 and a two-hundred day simple moving average of $27.76.

Institutional Trading of Galapagos

Several institutional investors and hedge funds have recently made changes to their positions in the stock. QRG Capital Management Inc. purchased a new stake in shares of Galapagos in the third quarter valued at $247,000. China Universal Asset Management Co. Ltd. lifted its position in shares of Galapagos by 63.2% in the third quarter. China Universal Asset Management Co. Ltd. now owns 3,899 shares of the biotechnology company's stock valued at $112,000 after acquiring an additional 1,510 shares in the last quarter. Signaturefd LLC lifted its position in shares of Galapagos by 65.6% in the third quarter. Signaturefd LLC now owns 6,413 shares of the biotechnology company's stock valued at $185,000 after acquiring an additional 2,541 shares in the last quarter. Creative Planning lifted its position in shares of Galapagos by 18.8% in the third quarter. Creative Planning now owns 21,870 shares of the biotechnology company's stock valued at $630,000 after acquiring an additional 3,463 shares in the last quarter. Finally, GAMMA Investing LLC lifted its position in Galapagos by 140.7% during the third quarter. GAMMA Investing LLC now owns 1,259 shares of the biotechnology company's stock worth $36,000 after buying an additional 736 shares during the period. 32.46% of the stock is currently owned by hedge funds and other institutional investors.

About Galapagos

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.