In a report released today, Elemer Piros from Cantor Fitzgerald reiterated a Buy rating on Galmed Pharmaceuticals (GLMD), with a price target of $59. The company’s shares closed yesterday at $8.68, close to its 52-week low of $5.36.
Piros said:
“We rate Galmed Pharmaceuticals Overweight. The company recently completed a Phase 2b study in NASH that achieved NASH resolution without worsening of fibrosis. Valuation Summary The sum of the risk-adjusted NPV yields an after-tax (21%), discounted (15%) value of over $1.2 billion ($55/share), in our estimation. By adding an estimated $90 million ($4/share) of YE cash, the total value is $1.3 billion in our calculation, or $59/share, our 12-month PT.”
According to TipRanks.com, Piros is a 1-star analyst with an average return of -0.1% and a 46.9% success rate. Piros covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Nightstar Therapeutics Limited, and Proteostasis Therapeutics Inc.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Galmed Pharmaceuticals with a $32.40 average price target.
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Based on Galmed Pharmaceuticals’ latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $3.71 million. In comparison, last year the company had a GAAP net loss of $2.51 million.
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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.
