In a report released yesterday, Ed Arce from H.C. Wainwright maintained a Buy rating on Galectin Therapeutics (GALT), with a price target of $11. The company’s shares closed yesterday at $3.25, close to its 52-week low of $3.17.
Arce commented:
“We view this detailed and thorough submission as an important milestone for the company and we remain confident that NASH-RX will get underway by year end, as the only active pivotal study for cirrhotic NASH, thereby removing a key pillar of the long-standing bear thesis. Affirm Buy.”
According to TipRanks.com, Arce is a 4-star analyst with an average return of 6.7% and a 34.0% success rate. Arce covers the Healthcare sector, focusing on stocks such as Madrigal Pharmaceuticals Inc, Arcturus Therapeutics Ltd, and Melinta Therapeutics Inc.
Currently, the analyst consensus on Galectin Therapeutics is a Moderate Buy with an average price target of $11, which is a 238.5% upside from current levels. In a report issued on August 5, B.Riley FBR also reiterated a Buy rating on the stock with a $11 price target.
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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.
