# uniQure N.V. (QURE)

> Source: Nexqual · https://nexqual.com/QURE · data as of 2026-10-29 13:54 UTC · cite as "Nexqual, uniQure N.V. (QURE), nexqual.com/QURE" · informational, not investment advice.

**Price:** USD 25.7 (+2.92% today) · US market open, as of October 29, 2026 at 13:54 UTC; quotes may be delayed. Prev close 24.97 · day 24.6–25.95 · 52w 8.73–69.99 · market cap $1.78B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $18.7M, net income -$252M (-1350.7% margin), free cash flow -$161M (SEC filings).
- Analysts: Buy (mean 2.08 on a 1–5 scale) (13 analysts), mean target USD 59.98 (range 27.81–90.93).
- Total return with dividends: 1Y -63.6% vs S&P 500 +13.0%; 5Y -15.7% vs S&P 500 +78.9%.
- Next earnings: 2026-11-04, EPS estimate USD -0.82, revenue estimate $5.4M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $524M | $106M | $15.8M | $27.1M | $16.1M | $18.7M |
| Gross profit | $499M | $105M | $15.8M | $25.9M | $14.4M | — |
| Operating income | $311M | -$143M | -$283M | -$184M | -$185M | -$200M |
| Net income | $330M | -$127M | -$308M | -$240M | -$199M | -$252M |
| EPS (diluted) | $7.04 | -$2.71 | -$6.47 | -$4.92 | -$3.46 | — |
| Free cash flow | $271M | -$163M | -$153M | -$186M | -$178M | -$161M |
| Gross margin | 95.2% | 98.8% | 99.6% | 95.3% | 89.5% | — |
| Operating margin | 59.3% | -134.4% | -1785.5% | -679.6% | -1151.4% | -1071.5% |
| Net margin | 62.9% | -119.1% | -1947.1% | -883.4% | -1236.0% | -1350.7% |
| Revenue growth | +1296.8% | -79.7% | -85.1% | +71.2% | -40.6% | — |
| Cash + short-term investments | $556M | $228M | $618M | $368M | $623M | — |
| Total debt | $136M | $144M | $148M | $66.0M | $71.9M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 95.5x · EV/Sales 54.8x · P/B 5.5x · FCF yield -9.06% · Earnings yield -14.15% · Net cash $760M · EV $1.02B

## Analysts
Consensus Buy (mean 2.08 on a 1–5 scale), 13 analysts; mean target USD 59.98 (low 27.81, high 90.93).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-05 | Barclays | Downgrade | Overweight → Equal-Weight | $60 → $28 |
| 2026-10-02 | RBC Capital | Target lowered | Outperform | $65 → $48 |
| 2026-09-30 | Goldman Sachs | Target lowered | Neutral | $46 → $31 |
| 2026-07-30 | Wells Fargo | Target raised | Overweight | $60 → $75 |
| 2026-07-30 | Wolfe Research | Upgrade | Peer Perform → Outperform | $65 |
| 2026-07-30 | Barclays | Target lowered | Overweight | $65 → $60 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -63.6% | -15.7% |
| S&P 500 (SPY) | +13.0% | +78.9% |
| Per year | -63.6% | -3.3% |
| Volatility (annualized) | 144.4% | 120.0% |
| Max drawdown | -87.2% (Oct 2025→Mar 2026) | -89.1% (Nov 2021→Jul 2024) |

## Peers (Biotechnology)
RYTM (Rhythm Pharmaceuticals, Inc.) USD 93.57 +1.74% · ORKA (Oruka Therapeutics, Inc.) USD 97.95 +2.06% · KOD (Kodiak Sciences Inc) USD 103.28 +6.43% · IONS (Ionis Pharmaceuticals, Inc.) USD 45.67 +1.71% · AXSM (Axsome Therapeutics, Inc.) USD 145.42 +1.33% · ABVX (Abivax SA) USD 91.53 +1.88%

## More
Full page: https://nexqual.com/QURE · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in QURE's own 10-K filed 2026-03-02 (https://www.sec.gov/Archives/edgar/data/1590560/000110465926021898/qure-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | CSL Behring | "We and CSL Behring also entered into a development and commercial supply agreement, pursuant to which, among other things, we agreed to supply the product to CSL Behring." |
| Partner | REGENXBIO Inc. (RGNX) | "In June 2020, uniQure France entered into an agreement, subsequently amended in June 2021, with Regenxbio for an exclusive (in the field of using AAV9 to expression of the GRIK2 gene in humans (the "Field")), sublicensab…" |
| Partner | Leerink Partners | "In July 2025, we entered into a Sales Agreement with Leerink Partners LLC ("Leerink Partners") with respect to an at-the-market ("ATM") offering program, under which we may, from time to time and at our sole discretion, …" |
| Partner | Hercules Capital, Inc. (HTGC) | "Our Dutch entities hold significant amounts of U.S. dollars in cash and cash equivalents and investment securities, have debt and interest obligations to Hercules denominated in U.S. dollars, generate collaboration reven…" |

## Company outlook (8-K filed 2026-07-29)

- "With four-year data expected in September and the U.K. regulatory activities progressing as planned, we enter the second half of 2026 with real momentum and a clear line of sight to potentially bringing this therapy to the people who need it." "Beyond AMT-130, we continue to execute across our broader pipeline," Mr."
- "No immunosuppression was required. ● The Company expects to complete enrollment in the second dose cohort in the Phase I/IIa study in the third quarter of 2026. ● The Company expects to present updated results from the Phase I/IIa study in the first half of 2027."
- "The Company expects that these resources will be sufficient to fund projected operating expenses into 2030."
- "The Company expects that these resources will be sufficient to fund our projected operating expenses into 2030."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.82 | $-0.81 | −$0.01 | $5.4M | 11 |
| Next quarter (ends 2026-12-31) | $-0.81 | $-0.93 | +$0.11 | $6.8M | 11 |
| Current fiscal year (ends 2026-12-31) | $-3.44 | $-3.16 | −$0.28 | $21.1M | 11 |
| Next fiscal year (ends 2027-12-31) | $-2.64 | $-2.53 | −$0.12 | $96.2M | 11 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±23.7%; last 8 reports averaged ±16.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 22 | 119.5% | ±23.7% |
| 2026-12-18 | 50 | 98.4% | ±29.2% |
| 2027-01-15 | 78 | 88.0% | ±32.5% |
| 2027-02-19 | 113 | 96.9% | ±42.5% |
| 2027-03-19 | 141 | 107.5% | ±52.3% |
| 2027-04-16 | 169 | 114.3% | ±60.6% |
| 2027-05-21 | 204 | 118.6% | ±68.4% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Jul 29, 2026 | Quarter ended Jun 30, 2026 | −$1.07 | −$0.71 | Miss −50.7% | +15.1% |
| May 5, 2026 | Quarter ended Mar 31, 2026 | −$0.73 | −$0.75 | Beat +2.7% | +10.3% |
| Mar 2, 2026 | Quarter ended Dec 31, 2025 | −$0.47 | −$0.78 | Beat +39.7% | -42.2% |
| Nov 10, 2025 | Quarter ended Sep 30, 2025 | −$1.19 | −$0.75 | Miss −58.7% | +11.0% |
| Jul 29, 2025 | — | — | — | — | -3.5% |
| May 9, 2025 | — | — | — | — | +7.3% |
| Feb 27, 2025 | — | — | — | — | +12.7% |
| Nov 5, 2024 | — | — | — | — | +28.8% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-16 | Schedule 13G/A | JPMORGAN CHASE & CO.: 8.5% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1590560/000001961726000387/0000019617-26-000387-index.htm |
| 2026-09-29 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1590560/000110465926111654/0001104659-26-111654-index.htm |
| 2026-09-02 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1590560/000110465926104463/0001104659-26-104463-index.htm |
| 2026-08-14 | Schedule 13G/A | G1 Execution Services, LLC, SIG Brokerage, LP: 4.8% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1590560/000144658026000102/0001446580-26-000102-index.htm |
| 2026-08-14 | Schedule 13G | RTW Investments, LP, Roderick Wong: 5.7% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1590560/000149321526000163/0001493215-26-000163-index.htm |
| 2026-07-29 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1590560/000110465926087815/0001104659-26-087815-index.htm |
| 2026-07-29 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1590560/000110465926087808/0001104659-26-087808-index.htm |
| 2026-07-20 | Schedule 13G/A | Aberdeen Group plc, abrdn Inc.: 4.5% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1590560/000171677426000019/0001716774-26-000019-index.htm |
| 2026-07-16 | Schedule 13G | JPMORGAN CHASE & CO: 7.0% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1590560/000001961726000251/0000019617-26-000251-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.