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STOCKS NEWS EUROPE-Galapagos at 8-month high as UBS rates "buy"

Reuters - UK Focus

Shares in Galapagos (Other OTC: GLPGF - news) rise 4.8 percent to their highest level since May 2013 and the top of Belgium's mid-cap Bel Mid index, with traders highlighting that analysts at UBS (Xetra: UB0BL6 - news) have started coverage of the biotech group with a "buy" rating.

Volume on the stock, which trades at 17.80 euros, is already over half of its full day average for the past three months at 0835 GMT.

UBS, which sets a target price of 21 euros for the shares, says that the group's large pipeline of medical trials could produce positive news over the coming 12 to 24 months.

"Success (Shenzhen: 002289.SZ - news) of the cystic fibrosis project could create 144 percent upside, and all other projects could yield 30-65 percent upside each," UBS writes in a note to clients. Reuters messaging rm://robertjan.bartunek.thomsonreuters.com@reuters.net