Eldred Kary, a director at Galectin Therapeutics Inc. (NASDAQ:GALT), recently acquired 500 shares of the company's common stock. The purchase, made on October 23, 2024, was executed at a price of $2.60 per share, amounting to a total transaction value of $1,300. Following this acquisition, Kary holds 50,213 shares directly.
In addition to his direct holdings, Kary manages shares indirectly as a custodian under the Uniform Transfer to Minors Act and as a trustee for a special needs trust. These indirect holdings include 2,425 shares and 2,000 shares, respectively. However, Kary disclaims beneficial ownership of these indirectly held securities.
InvestingPro Insights
While Eldred Kary's recent purchase of Galectin Therapeutics Inc. (NASDAQ:GALT) shares demonstrates insider confidence, investors should consider additional financial metrics and expert insights when evaluating the company's prospects.
According to InvestingPro data, Galectin Therapeutics has a market capitalization of $157.63 million, reflecting its current market valuation. The company's stock price closed at $2.62 in the most recent session, which is approximately 60.45% of its 52-week high. This suggests there may be room for potential growth, but it's essential to consider the underlying financials.
InvestingPro Tips highlight some challenges facing the company. Galectin Therapeutics suffers from weak gross profit margins and is not profitable over the last twelve months. Additionally, analysts do not anticipate the company will be profitable this year, with net income expected to drop. These factors may explain the director's decision to increase his stake, possibly viewing the current price as an attractive entry point despite the financial headwinds.
It's worth noting that Galectin Therapeutics does not pay a dividend to shareholders, which is not uncommon for biotechnology companies focusing on growth and research. The company's next earnings date is set for November 11, 2024, which may provide more clarity on its financial trajectory.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights beyond those mentioned here. In fact, there are several more InvestingPro Tips available for Galectin Therapeutics, which could provide a fuller picture of the company's prospects and challenges.
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