FBR Capital Downgrades Galectin Therapeutics (GALT) to Market Perform
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FBR Capital downgraded Galectin Therapeutics (NASDAQ: GALT) from Outperform to Market Perform with a price target of $2.00 (from $12.00).
Analyst Vernon Bernardino commented, "On September 27, Galectin Therapeutics announced that NASH-FX had failed to meet its primary and secondary endpoints. The study was one of two ongoing Phase II clinical trials to evaluate GALT’s galectin-3 inhibitor drug candidate, GRMD-02, in patients with non-alcoholic steatohepatitis (NASH). Only top-line results for safety, tolerability, and the endpoints not met were announced, making it hard to draw conclusions whether there are ramifications for the second trial, NASHCX (cirrhosis). However, as the next major catalyst from the company is likely the announcement of top-line results from NASH-CX, which is anticipated in December 2017, we think current prices of GALT stock reflect a balance between its upside potential and downside risk over the next 12 months. As a result, we lower our rating from Outperform to Market Perform and lower our estimate for fair value of the shares from $12 to $2. We continue to like GALT’s prospects for creating value with the advancement of GR-MD-02 in NASH cirrhosis and look to further details from NASH-FX before revisiting our investment opinion."
Shares of Galectin Therapeutics closed at $1.13 yesterday.
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