Maxim Assigns Buy On Galmed Pharmaceuticals Following The Award Of Fast Track Designation
In a research note issued today, Maxim Group analyst Jason Kolbert assigned a Buy rating on shares of Galmed Pharmaceuticals (NASDAQ:GLMD) with a $24 price target, following today’s news that Galmed received fast-track designation status with the FDA (after filing for such in July).
Kolbert added, “Galmed is initially developing Aramchol for the treatment of NASH in patients who also suffer from obesity and type II diabetes. These patients are at the highest risk of developing both the cardiovascular and hepatic complications associated with NASH. This market alone is substantial and represents blockbuster status. Additional indications may include pediatric NASH and cholesterol gallstones, as well as strategic collaborations for the development of a NASH clinical diagnostic tool.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Jason Kolbert has a total average return of 11.0% and a 47.4% success rate. Kolbert is ranked #287 out of 3295 analysts.