Cantor Fitzgerald analyst Elemer Piros reiterated a Buy rating on Galmed Pharmaceuticals (GLMD) today and set a price target of $59. The company’s shares opened today at $7.58, close to its 52-week low of $4.79.
Piros noted:
“: We reiterate our OW rating and $59 12-month PT on Galmed Pharmaceuticals. This morning, NASH competitor Intercept Pharmaceuticals (ICPT – OW by A. Young) announced Phase 3 results from the REGENERATE study. Ocaliva (OCA) showed a statistically significant improvement in fibrosis improvement (>/=1 stage) with no worsening of NASH in the 25mg arm vs. placebo (p=0.0002). A statistically significant improvement was not observed in NASH resolution with no worsening of liver fibrosis stage. Based off the results, Intercept could file for regulatory approval in the U.S. and EU during 2H19.”
According to TipRanks.com, Piros has currently no stars on a ranking scale of 0-5 stars, with an average return of -8.5% and a 39.6% success rate. Piros covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Nightstar Therapeutics Limited, and Proteostasis Therapeutics Inc.
Currently, the analyst consensus on Galmed Pharmaceuticals is a Moderate Buy with an average price target of $28.
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The company has a one-year high of $27.06 and a one-year low of $4.79. Currently, Galmed Pharmaceuticals has an average volume of 106.9K.
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Galmed Pharmaceuticals Ltd. is a clinical-stage biopharmaceutical company. It focuses on the development of the liver targeted stearoyl-coenzyme A desaturase-1 modulator Aramchol, novel, once-daily, oral therapy for the treatment of NASH for variable populations, as well as other liver associated disorders.
