NORCROSS, Ga.—Harold H. Shlevin, a director at Galectin Therapeutics Inc. (NASDAQ:GALT), has increased his stake in the company by purchasing 6,500 shares of common stock. The transaction, which took place on December 30, 2024, was executed at a price of $1.16 per share, amounting to a total investment of $7,539. The purchase comes as the stock has shown strong momentum, posting a notable 31% gain over the past week, according to InvestingPro data.
Following this transaction, Shlevin's total holdings in Galectin Therapeutics have risen to 15,206 shares. This acquisition reflects a strategic decision to enhance his direct ownership in the pharmaceutical company, which specializes in developing therapies for fibrotic disease and cancer. With a current market capitalization of $69 million and analyst price targets of $11, significantly above current trading levels, the company presents an interesting case for investors. InvestingPro subscribers can access 8 additional investment tips and detailed financial metrics for GALT.
The transaction was reported in a Form 4 filing with the Securities and Exchange Commission, underscoring the ongoing commitment of company insiders to Galectin Therapeutics' future prospects. The company currently maintains a weak financial health score according to InvestingPro analysis, with a current ratio of 1.13.
In other recent news, Galectin Therapeutics has been a focal point of investor attention due to its clinical trial results and subsequent analyst downgrade. H.C. Wainwright cut Galectin's stock rating from Buy to Neutral, following the company's Phase 2b NAVIGATE trial results. The trial, which focused on the drug belapectin for patients with NASH cirrhosis and portal hypertension, did not meet its primary endpoint, leading to the downgrade.
Despite the trial's overall results, belapectin showed a 48.9% reduction in the incidence of esophageal varices in a pre-specified per-protocol population. This group completed 18 months of therapy and underwent upper endoscopy at both baseline and at 18 months. Additionally, patients on belapectin experienced less worsening in liver stiffness, a non-invasive measure of liver health.
However, the company's shares have seen a significant decline, with H.C. Wainwright removing its price target for Galectin shares. The firm suggests that only positive results from a pivotal Phase 3 trial could significantly impact the stock. These are recent developments that have affected investor sentiment towards Galectin, which is currently negative.
Galectin Therapeutics remains optimistic about belapectin's potential despite these challenges. The company intends to continue developing belapectin for cirrhotic NASH patients and align with the FDA on a Phase 3 program. Galectin is actively seeking pharmaceutical partnerships to advance the drug's development, backed by support from liver health researchers Dr. Naim Alkhouri and Dr. Naga Chalasani.
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