NORCROSS, Ga.—Harold H. Shlevin, a director at Galectin Therapeutics Inc. (NASDAQ:), has boosted his investment in the company by acquiring 6,500 shares of common stock. This purchase, conducted on December 30, 2024, was made at a price of $1.16 per share, totaling an investment of $7,539. This decision comes amid the stock’s robust performance, which has rallied by 31% over the past week, as per InvestingPro data.
As a result of this acquisition, Shlevin’s total shares in Galectin Therapeutics have increased to 15,206. This move indicates a strategic effort to raise his direct ownership in the pharmaceutical firm focused on developing solutions for fibrotic diseases and cancer. With a market capitalization of $69 million and analyst price forecasts around $11—significantly higher than current trading prices—the company presents an intriguing opportunity for investors. InvestingPro subscribers can access 8 more investment insights and comprehensive financial metrics for GALT.
The transaction has been documented in a Form 4 submission to the Securities and Exchange Commission, reflecting the dedication of company insiders to the future growth of Galectin Therapeutics. Currently, the company reports a concerning financial health score based on InvestingPro analysis, with a current ratio of 1.13.
In related news, Galectin Therapeutics has recently drawn investor scrutiny following the release of its clinical trial outcomes and an analyst downgrade. H.C. Wainwright revised its rating for Galectin’s stock from Buy to Neutral after the Phase 2b NAVIGATE trial results did not meet the primary endpoint for the drug belapectin, intended for patients suffering from NASH cirrhosis and portal hypertension.
Despite the overall disappointing results from the trial, belapectin demonstrated a significant 48.9% reduction in esophageal varices incidence among a specific group that completed 18 months of treatment and underwent upper endoscopies at baseline and after 18 months. Furthermore, patients receiving belapectin exhibited less deterioration in liver stiffness, a non-invasive indicator of liver health.
Nonetheless, Galectin’s stock has faced a notable decline, prompting H.C. Wainwright to withdraw its price target for the shares. The firm indicates that only favorable outcomes from a forthcoming pivotal Phase 3 trial could positively influence the stock’s trajectory. These recent developments have contributed to a negative investor sentiment toward Galectin.
Despite these hurdles, Galectin Therapeutics holds an optimistic view on belapectin’s potential. The company plans to persist in developing belapectin for cirrhotic NASH patients while collaborating with the FDA on a Phase 3 program. Additionally, Galectin is actively pursuing pharmaceutical partnerships to further the drug’s development, with the backing of liver health experts Dr. Naim Alkhouri and Dr. Naga Chalasani.
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