Galectin Therapeutics Shares Plunge 28.9% Following FDA Response on Belapectin Development
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1h ago
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Source: Businesswire
- Stock Price Plunge: Following Galectin Therapeutics' announcement regarding the FDA's response to its belapectin development program, shares fell by 28.9% on the same day, indicating investor concerns about the company's future prospects.
- FDA Communication Shift: The FDA converted Galectin's initial request for an in-person or teleconference meeting into a written response, suggesting uncertainties in the company's trial design that could impact its development timeline.
- Follow-Up Meeting Plans: The company intends to pursue a follow-up Type C meeting to address key aspects of its trial design, which may influence future clinical trial outcomes and market confidence.
- Legal Investigation Initiated: The Schall Law Firm is investigating potential violations of securities laws by Galectin, which could lead to further losses for investors and trigger potential class action lawsuits.
GALT
$4.08+Infinity%1D
Analyst Views on GALT
Wall Street analysts forecast GALT stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for GALT is 6.00 USD with a low forecast of 6.00 USD and a high forecast of 6.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
1 Analyst Rating
1 Buy
0 Hold
0 Sell
Moderate Buy
Current: 4.050
Low
6.00
Averages
6.00
High
6.00
Current: 4.050
Low
6.00
Averages
6.00
High
6.00
About GALT
Galectin Therapeutics, Inc. is a clinical-stage biopharmaceutical company dedicated to developing therapies to improve the lives of patients with chronic liver disease and cancer. The Company’s drug candidates are based on its method of targeting galectin proteins, which are key mediators of biologic and pathologic functions. The Company’s lead drug, belapectin, is a carbohydrate-based drug that inhibits the galectin-3 protein, which is directly involved in multiple inflammatory, fibrotic, and malignant diseases for which it has Fast Track designation by the U.S. Food and Drug Administration. The lead development program is in metabolic dysfunction-associated steatohepatitis (MASH, formerly known as nonalcoholic steatohepatitis, or NASH) with cirrhosis, the most advanced form of MASH-related fibrosis. The Company's additional development programs are in the treatment of combination immunotherapy for advanced head and neck cancers and other malignancies.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
