In a recent transaction, Kevin D. Freeman, a director at Galectin Therapeutics Inc. (NASDAQ:GALT), a company specializing in pharmaceutical preparations, has increased his stake in the company. The director purchased 2,500 shares of common stock at a price of $2.3799 per share, amounting to a total investment of $5,949.
The purchase, executed on June 20, 2024, reflects Freeman's growing position in the company, with the newly acquired shares adding to his direct holdings. Following the transaction, Freeman's direct ownership in Galectin Therapeutics stands at 28,469 shares.
Additionally, Freeman has indirect ownership through a limited liability company, Freeman Global Holdings LLC, controlling 75,000 shares, as well as an indirect interest in 18,063 shares held in an IRA. It should be noted that Freeman disclaims beneficial ownership of these indirectly held shares, except to the extent of his pecuniary interest therein.
Investors often monitor insider transactions such as these for insights into the confidence levels of a company's executives and directors regarding the firm's prospects. While the purchase by Freeman is a positive sign, it is one of many factors that investors consider when evaluating their investment in Galectin Therapeutics.
The company, incorporated in Nevada, operates out of Norcross, Georgia, and has been previously known as Pro Pharmaceuticals Inc. before changing its name. Investors and the market will continue to watch the actions of Galectin Therapeutics' insiders for indications of the company's future performance.
In other recent news, Galectin Therapeutics has received a positive recommendation from the independent Data and Safety Monitoring Board (DSMB) to continue the NAVIGATE study without modifications. This adaptive Phase 2b/3 clinical trial is assessing the safety and efficacy of belapectin in patients with cirrhotic portal hypertension, a serious liver condition. The trial has fully enrolled its first stage with 357 patients, who have been randomized to receive bi-weekly infusions of either belapectin at two dosage levels or a placebo.
The DSMB's endorsement follows an unblinded review of the collected data, supporting belapectin's favorable tolerability and safety profile. An interim analysis of safety and efficacy is scheduled once the last patient in Stage 1 has completed an 18-month follow-up. The results will determine the trial's progression into Stage 2 (Phase 3) and the necessary protocol adaptations for that phase.
The continuation of the NAVIGATE study represents a significant step in addressing the unmet medical need for effective treatments for liver cirrhosis due to metabolic dysfunction-associated steatohepatitis (MASH), a condition affecting millions in the U.S. The topline results from the interim analysis are expected in the fourth quarter of 2024. These are recent developments in the ongoing research and development efforts of Galectin Therapeutics.
InvestingPro Insights
Recent insider activity at Galectin Therapeutics Inc. (NASDAQ:GALT) has caught the attention of the market, as director Kevin D. Freeman increased his stake in the company. To provide further context to this insider transaction, it's important to consider the company's current financial health and market performance as reflected in the latest InvestingPro data and InvestingPro Tips.
InvestingPro data shows that Galectin Therapeutics has a market capitalization of $144.18 million, with a negative price-to-earnings (P/E) ratio of -3.23, indicating that the company is not currently profitable. Additionally, over the last twelve months, the company has experienced a return on assets of -177.94%, underscoring the challenges it faces in generating profits from its assets.
Despite a significant price uptick over the last six months, with a 36.26% return, the stock has faced a decline over the short term, with a 1-week price total return of -12.41% and a 1-month price total return of -26.27%. This volatility is reflected in the InvestingPro Tips, which highlight that the stock is currently in oversold territory according to the Relative Strength Index (RSI), and that analysts do not anticipate the company will be profitable this year, with net income expected to drop.
Investors considering Galectin Therapeutics should note that the company does not pay dividends, which can be a factor for those seeking income-generating investments. Moreover, with a total of 9 additional InvestingPro Tips available, investors can gain a more comprehensive understanding of the company's performance and outlook by accessing https://www.investing.com/pro/GALT. As an added incentive, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, offering valuable insights for informed investment decisions.
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