After Seaport Global and H.C. Wainwright gave Galmed Pharmaceuticals (NASDAQ: GLMD) a Buy rating last month, the company received another Buy, this time from Cantor Fitzgerald. Analyst Elemer Piros initiated coverage with a Buy rating on Galmed Pharmaceuticals (NASDAQ: GLMD) today and set a price target of $59. The company’s shares opened today at $11.01.
Piros said:
“We are initiating coverage on Overweight rating and a 12-month price target of $59. Galmed is developing Aramchol, a novel, once-daily, oral therapy to treat liver diseases using fatty- acid/bile-acid conjugates (FABACs). Galmed’s lead indication is non-alcoholic steatohepatitis (NASH), a major contributor to liver disease in developed countries, affecting ~50 million people in the U.S. and EU5. Galmed recently announced results from a Phase 2b ARREST trial, demonstrating a strong safety profile with positive efficacy across numerous endpoints.”
According to TipRanks.com, Piros has currently no stars on a ranking scale of 0-5 stars, with an average return of -3.7% and a 49.6% success rate. Piros covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Strongbridge Biopharma Plc, and Global Blood Therapeutics.
Galmed Pharmaceuticals has an analyst consensus of Strong Buy, with a price target consensus of $36.50.
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Based on Galmed Pharmaceuticals’ latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $2.51 million. In comparison, last year the company had a GAAP net loss of $2.69 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.
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