MLV Reiterates Buy On Galectin Therapeutics On The Back Of 3Q14 Update
In a research report sent to investors today, MLV analyst Vernon Bernardino reiterated a Buy rating on Galectin Therapeutics (NASDAQ:GALT) with a price target of $16, which represents a potential upside of 220% from where the stock is currently trading.
Bernardino commented: “Galectin Therapeutics’ 3Q14 financials were a non-event but results from cohort 3 of Ph 1 with GR-MD-02 (GR02) in patients with non-alcoholic steatohepatitis with advanced fibrosis (NASH-AF) underwhelmed. We continue to be encouraged by GR02’s safety and hints of activity, in particular, the significant reductions observed in alpha-2-macroglobulin levels, which is increased with liver cirrhosis, diabetes, nephrotic syndrome, and pancreatitis. Thus, with its safety demonstrated, a dose with therapeutic potential now tested, and an initial meeting with FDA recently held, we believe GALT’s GR02 development strategy on track and positioned for initiation of Ph 2 by 2Q15.”
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 -24.5% and a 0.0% success rate. Bernardino has a -30.8% average return when recommending GALT, and is ranked #3337 out of 3367 analysts.