Galectin Therapeutics (GALT): Key Milestones on the Horizon - FBR
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FBR Capital analyst, Vernon Bernadino, reiterated his Outperform rating on shares of Galectin Therapeutics (NASDAQ: GALT). On August 9, Galectin Therapeutics announced 2Q16 progress with two clinical trials of its galectin-3 inhibitor drug candidate, GR-MD-02, in patients with non-alcoholic steatohepatitis (NASH). NASH-FX Phase II trial enrollment was completed in May, patient recruitment in the NASH-CX trial was completed slightly ahead of expectations, and vital progress was made with ongoing studies with GRMD-02 in combination with checkpoint inhibitors and an exploratory study in plaque psoriasis.
The analyst is impressed with progress in the core clinical programs and thinks the exploratory studies represent positive potential upside. He believes that pipeline progress is creating value for GALT's shareholders that is under-recognized.
No change to the price target of $12.00
Shares of Galectin Therapeutics closed at $1.81 yesterday.
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