Jamil Khurram, the Chief Medical (TASE:PMCN) Officer of Galectin Therapeutics Inc. (NASDAQ:GALT), recently sold 13,654 shares of the company's common stock. The shares were sold at an average price of $0.8821, totaling approximately $12,044. This transaction was executed under a previously disclosed 10b5-1 trading plan. The sale comes amid a challenging period for GALT, with the stock down nearly 58% in the past week. According to InvestingPro analysis, the company's shares are currently trading below their Fair Value, suggesting potential upside opportunity.
In addition to the sale, Khurram acquired 40,000 shares of common stock without additional consideration, resulting from the vesting of restricted stock units. Following these transactions, Khurram now holds 26,346 shares directly in the $52.76 million market cap company. InvestingPro subscribers can access 8 additional key insights about GALT's financial health and market position, along with detailed insider trading analysis.
In other recent news, Galectin Therapeutics Inc. has announced promising results from its NAVIGATE clinical trial. The trial aimed to explore the potential of belapectin in reducing the development of esophageal varices in patients with Metabolic Dysfunction-Associated Steatohepatitis (MASH) cirrhosis and portal hypertension. The trial involved more than 130 sites worldwide and included 355 patients who received belapectin or a placebo for 18 months.
In the per-protocol population, those who completed the trial with required endoscopies, belapectin at 2mg/kg of lean body mass showed a 48.9% reduction in the incidence of varices compared to the placebo. This outcome achieved statistical significance. However, in the broader intent-to-treat population, the drug did not meet the primary endpoint of statistical significance.
Additional findings from non-invasive measures showed a 50% lower number of subjects with worsening liver stiffness among those treated with belapectin. The safety profile of belapectin was also encouraging, with comparable rates of adverse events across all cohorts. Despite facing financial challenges, as reflected by a current ratio of 1.13 and negative earnings per share of -$0.73, Galectin Therapeutics remains hopeful about belapectin's potential and is actively seeking pharmaceutical partnerships to further its development.
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