Galapagos Genomics "hold," target price raised

12/21/07 - ING Financial Markets

LONDON, December 21 (newratings.com) - Analyst Mark Clark of ING Financial Markets maintains his "hold" rating on Galapagos Genomics NV (GXE). The target price has been raised from €7.6 to €8.2.

In a research note published this morning, the analyst mentions that the company has announced strategic alliances with GSK in anti-infectives and with Eli Lilly for osteoporosis. These alliances are likely to bring in upfront cash of €4-€5 million for Galapagos Genomics, the analyst says. ING Financial Markets adds, however, that any marketed products and the receipt of any payments resulting from these alliances are still at least ten years away.