avantiavanti schreef op 15 september 2017 07:40:
Stifel 14 september 2017
Positive KOL Feedback on GLPG1690 for IPF; Full Transcript Below; TP to $120
SummaryWe recently held a conference call with two idiopathic pulmonary fibrosis (IPF) KOLs to discuss Galapagos’ recent positive P2a FLORA results (full transcript below), one of whom participated in the FLORA study.
Our KOLs indicated that while GLPG1690 (‘1690) safety and pharmacodynamics were the most important components of FLORA, they also felt that efficacy, while more speculative, “was as good as one could have hoped for.” They noted that the concordance between serum LPA reductions, FVC stabilization, and functional respiratory imaging (FRI) parameters suggest that, “at this stage it is as nice a package that one could have hoped to deliver when the study was being designed.” As a result of the positive KOL feedback, and consistent with their views, we are increasing our ‘1690 POS in our model to 15% (10% prior) – which results in our new $120 TP (from prior $101). Reiterate Buy.