B.Riley FBR analyst Mayank Mamtani reiterated a Buy rating on Galectin Therapeutics (GALT) yesterday and set a price target of $11. The company’s shares closed yesterday at $3.33, close to its 52-week low of $3.17.
Mamtani commented:
“Therapeutic Inc. (GALT) disclosed submission to FDA of Ph. III NASH-RX trial protocol to study belapectin (GR-MD-02) in compensated non-alcoholic steatohepatitis (NASH) cirrhosis without esophageal varices. This follows the positive Type C meeting earlier in 2019 (link) to pursue novel surrogate endpoint of progression to varices (bleeding) as part of the accelerated approval filing, thereby serving as a surrogate to Ph. IV-stage outcomes endpoint assessing advancement to decompensated cirrhosis and other liver-related complications.”
According to TipRanks.com, Mamtani is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -14.1% and a 22.0% success rate. Mamtani covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Arbutus Biopharma Corporation, and Madrigal Pharmaceuticals Inc.
Currently, the analyst consensus on Galectin Therapeutics is a Moderate Buy with an average price target of $11.
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Based on Galectin Therapeutics’ latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $2.38 million. In comparison, last year the company had a GAAP net loss of $3.84 million.
Based on the recent corporate insider activity of 28 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of GALT in relation to earlier this year. Most recently, in June 2019, Harold Shlevin, the CEO of GALT bought 8,706 shares for a total of $11,927.
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Galectin Therapeutics, Inc. is a biotechnology company, which engages in drug research and development to create new therapies for fibrotic disease, severe skin disease, and cancer. Its programs targets the development of carbohdrate molecules which offers offer alternative options to larger market segments.
