MLV Maintains Buy On Galectin Therapeutics; Sees 194% Upside For The Stock
In a research report sent to investors today, MLV analyst Vernon Bernardino maintained a Buy rating on Galectin Therapeutics (NASDAQ:GALT) with a $16 price target, which represents a potential upside of 194% from where the stock is currently trading.
Bernardino noted, “In news announced earlier today, Bristol-Myers Squibb Co. (BMY, NR) signed an exclusive option agreement to acquire Denmark-based Galecto Biotech AB (private) (GB) and its Ph 1-stage galectin-3 inhibitor, TD139, for development in idiopathic pulmonary fibrosis (IPF). Recall that GR-MD-02 (GR02), a proprietary galectin-3-inhibitor from Galectin Therapeutics (GALT), is in Ph 1 development in patients with non-alcoholic steatohepatitis (NASH) with advanced fibrosis. With GALT’s market cap only at $123MM, we believe the terms for Galecto Biotech (GB), which include aggregate payments that have potential to reach $444MM, support our view that GALT is undervalued.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Vernon Bernardino has a total average return of -21.8% and a 7.1% success rate. Bernardino has a -27.9% average return when recommending GALT, and is ranked #3301 out of 3355 analysts.