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UCB: share drops on broker downgrade

( - UCB is the second biggest loser on the BEL index on Monday after Jefferies downgraded the stock, saying that it is concerned about the delay in the US launch of Bimzelx, its treatment for plaque psoriasis.

At 2 pm, the Belgian biopharmaceutical group's shares were down 1.4%, while the BEL 20 was up 0.2% at the same time.

In its morning comments, Jefferies announced that it has downgraded its rating on the stock from "buy" to "hold", having slashed its target price for it from 130 euros to 85 euros.

"We think consensus underestimates the launch delay," the US broker says. "Our proprietary survey also suggests limited uptake for zilucoplan, another key launch," it said.

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