Galmed Dips 2% On Larger-Than-Expected Quarterly Loss
Galmed Pharmaceuticals declined 2% to close at $3.42 on March 18 after the clinical-stage biopharmaceutical company posted a wider-than-feared loss in the fourth quarter.
Galmed (GLMD) incurred a loss of $0.48 per share in 4Q, compared to the $0.36 loss per share estimated by analysts. The company reported a loss of $0.39 per share in the prior-year quarter.
Research and development expenses grew 21.6% year-over-year to $9 million driven by clinical trial costs. General and administrative expenses remained flat at $1.3 million. (See Galmed stock analysis on TipRanks)
Earlier this week, Galmed announced the treatment of the first subject in the First-in-Human Phase I clinical trial evaluating Amilo-5MER, designed for the treatment of chronic inflammatory diseases.
Following the 4Q results, Raymond James analyst Steven Seedhouse decreased the stock’s price target to $14 (309.4% upside potential) from $17 and maintained a Buy rating.
According to Seedhouse, “Most incremental in today’s update is that Galmed initiated their Phase 1a study evaluating Amilo-5mer in IBD with topline data expected in 2H21.”
The consensus rating among analysts is a Strong Buy based on 4 unanimous Buys. The average analyst price target stands at $17.25 and implies upside potential of 404% to current levels over the next 12 months.
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