Oppenheimer Cuts Price Target on uniQure (QURE) to $23 Following 4Q

Oppenheimer maintained an Outperform rating on uniQure BV (NASDAQ: QURE), and cut the price target to $23.00 (from $50.00),following the company's 4Q. QURE ended the year with €203.5M (~$230M USD) in cash which estimates show will fund operations through 2018. Next hemophilia data is set to come out in 2Q16, while AMT-110 data is set for early 2017. However, gene therapy market risk remains substantial, and an unknown, particularly for AMT-060. Also, growing competition from conventional therapies may make uniQure's treatments less compelling.

Christopher Marai commented, "On April 4, uniQure reported 4Q15 and FY2015 financial results, ending the year with €203.5M (~$230M USD) in cash which we estimate will fund operations through 2018. UniQure is well-capitalized to fund ongoing trials and extension studies. We are taking this opportunity to revise our thesis and update our price target. We are lowering our price target to $23 from $50, reiterating our Outperform rating (details p. 4). Specifically, we note (1) gene therapy market risk remains substantial, and an unknown, particularly for AMT-060, and (2) emerging competition from conventional therapies may make uniQure's treatments (particularly AMT-110) less compelling. Its unique experience in the gene therapy space remains an asset, augmented and validated by the 2015 BMS collaboration."

For an analyst ratings summary and ratings history on uniQure BV click here. For more ratings news on uniQure BV click here.

Shares of uniQure BV closed at $13.30 yesterday.

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