FBR Remains Positive on Galectin Therapeutics' (GALT) Prospects in NASH-CX; Affirms at 'Market Perform'
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FBR affirms Galectin Therapeutics Inc. (NASDAQ: GALT) at Market Perform with a price target of $2 following Q3 results and outlook issued last week.
Analyst Vernon Bernardino commented today,
The quarter was marked by the failure of the completed NASH-FX Phase II study, which did not meet its primary and secondary endpoints, and progress with the ongoing NASH-CX Phase IIb trial with GR-MD-02, GALT’s experimental drug for non-alcoholic steatohepatitis (NASH), in NASH cirrhosis. Recall that NASH-FX was primarily designed to evaluate non-invasive imaging methods that could be correlated with the efficacy of GR-MD-02 in future studies. We think the results to be presented at the upcoming annual meeting of the American Association for the Study of Liver Diseases (AASLD) November 11–15 could be incrementally positive for GALT stock. Overall, we think current prices of GALT reflect a balance between upside potential and downside risk over the next 12 months. We continue to like GALT’s prospects for creating value with the advancement of NASH-CX but retain our view at Market Perform.
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