Richard A. Zordani Jr., a director at Galectin Therapeutics Inc. (NASDAQ:GALT), has purchased 10,000 shares of the company's common stock. The transaction, dated December 24, 2024, was executed at a price of $0.8164 per share, totaling approximately $8,164. The purchase comes as the $52.76 million market cap company's stock has declined nearly 58% over the past week. According to InvestingPro analysis, the stock is currently trading below its Fair Value, with technical indicators suggesting oversold conditions. Following this acquisition, Zordani directly owns 42,083 shares of Galectin Therapeutics.
Additionally, Zordani holds 2,000 shares indirectly as a custodian for a minor child under the Uniform Transfer to Minors Act. However, he disclaims beneficial ownership of these shares.
In other recent news, Galectin Therapeutics has revealed promising results from its NAVIGATE clinical trial. The study indicates that belapectin, a drug developed by the company, may reduce the development of esophageal varices in patients with Metabolic Dysfunction-Associated Steatohepatitis (MASH) cirrhosis and portal hypertension. The trial, which involved 355 patients across 130 sites on five continents, showed a 48.9% reduction in the incidence of varices in patients treated with belapectin at 2mg/kg of lean body mass compared to placebo, achieving statistical significance. However, the drug did not meet the primary endpoint of statistical significance in the broader intent-to-treat population.
Additional findings showed a 50% lower number of subjects with worsening liver stiffness among those treated with belapectin, and the safety profile was encouraging, with comparable rates of adverse events across all cohorts. Despite the company's weak overall health score and negative earnings per share of -$0.73, the company remains optimistic about belapectin's potential and is actively seeking pharmaceutical partnerships to advance its development.
These are the latest developments in Galectin Therapeutics' pursuit of treatments for patients with chronic liver disease. The company's Chief Medical (TASE:PMCN) Officer, Dr. Khurram Jamil, anticipates further updates from ongoing analyses, including additional biomarker data expected in early 2025. Analysts maintain an $11 price target, suggesting significant upside potential.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.