Analysts at Janney Montgomery Scott initiated coverage on Galapagos NV (NASDAQ: GLPG) stock, starting the company at Buy and a price target of $64.00. As a means of comparison, a number of other analysts have commented on the company recently, and the company has earned a consensus one-year price target of $80.05, $54.30. Galapagos NVstock has a 52-week high of $65.70.
Stock suffered moderate losses yesterday across the board on the heels of Monday’s gains.
The Dow Jones Industrial Average lost 49 points, or 0.26 percent, to close at 18,454.The S&P 500 shed 4 points, or 0.20 percent, to finish at 2,176.The Nasdaq lost 9 points, or 0.18 percent, to close at 5,223.
NYMEX crude oil futures lost 1.21 percent to $46.41 while Brent contracts shed 1.64 percent and were last trading at $48.45.
Share prices sometimes get a bounce to the upside when analysts inititate coverage.
Shares of Galapagos NV (NASDAQ: GLPG) opened at $54.30 and traded in a range between, $54.30 and $55.27 yesterday, and last traded at $54.85, which represents a change of $ 0.72 over the previous closing price.
Galapagos NV (NASDAQ: GLPG) currently has a market cap of 2.53B
The stocks average daily volume is 64,623 shares out of a total float 33,020,000 of and some 103,292 shares crossed the trading desk yesterday, 47 percent higher than normal. Significant increases in trading volume and price appreciation together could signal heavy volume accumulation by institutional investors.
However, a single day of heavy buy side trading is not enough to assert a trend. As such, market traders will continue to watch for institutional sponsorship as a signal that financial institutions are moving forward.
Institutional sponsorship simply refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
Professional investors such as these retain substantial teams of analysts that research thousands of stocks. Thus, watching their interests is a good way to ensure you are buying the right stocks.
By spotting trends, moving averages allow traders to make those trends work in their favor and increase the number of successful trades.
With that in mind Galapagos NV (NASDAQ: GLPG) now has a 50-day MA is $53.82 and 200-day MA is $49.70, and it has traded in a 52-week range between $37.03 – 65.70 and today’s last price is -16.52 percent off the 52 week high.
Earnings growth is an important factor to look at when buying stocks and investors look for companies that have grown their earnings at least 25% or more for the past 3 years.
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of BNB Daily News. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please see our terms and conditions page.