'avantiavanti schreef op 13 december 2019 16:59:
Vervolg Barclays
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…last but not least, the always popular “short covering”
One thing we’ve written extensively about all year is our sense that there’s a big difference in sentiment across the Atlantic in terms of how investors view GLPG. In the US, particularly amongst specialists, we’ve sensed a more bearish consensus towards GLPG (particularly on the peak sales potential of filgotinib and on the viability of the IPF program) than in Europe. Given that there’s a perceived lack of catalysts until either the SELECTION phase 2 data for filgotinib in ulcerative colitis and/or the filgotinib approval/label (whichever comes first, but both likely around mid-year 2020), we’ve heard feedback that GLPG is a popular name to short (particularly with the takeout risk off the table). Thus, this adds to the confusion of GLPG’s recent outperformance and one of the most common refrains we’ve heard lately is that this could be a result of short covering.
However, the short interest for GLPG has actually increased pretty sharply as a % of the float as of late, indicating to us that it’s more the aforementioned “real” buying driving GLPG shares higher vs. short covering.
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