Maxim Group Remains a Buy on Galmed Pharmaceuticals (GLMD)


In a report released yesterday, Jason McCarthy from Maxim Group maintained a Buy rating on Galmed Pharmaceuticals (GLMD), with a price target of $20. The company’s shares opened today at $5.11, close to its 52-week low of $4.50.

McCarthy observed:

“Galmed reported 2Q19 with a net loss of ($4.2M) and ended the period with $83.6M in cash.”

According to TipRanks.com, McCarthy is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -24.9% and a 19.9% success rate. McCarthy covers the Healthcare sector, focusing on stocks such as Aridis Pharmaceuticals Inc, Achieve Life Sciences Inc, and Adial Pharmaceuticals Inc.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Galmed Pharmaceuticals with a $33.75 average price target, implying a 560.5% upside from current levels. In a report released today, H.C. Wainwright also maintained a Buy rating on the stock with a $28 price target.

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Based on Galmed Pharmaceuticals’ latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $4.17 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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