Eldred Kary, a director at Galectin Therapeutics Inc. (NASDAQ:GALT), recently acquired 13,469 shares of the company's common stock. The purchase, made on December 24, 2024, was priced at $0.82 per share, totaling $11,044. The transaction comes as the $53 million market cap company trades near its 52-week low of $0.73, having declined nearly 58% in the past week alone. According to InvestingPro analysis, the stock appears undervalued at current levels. Following this transaction, Kary now directly owns 63,682 shares.
Additionally, Kary holds shares indirectly through other arrangements. These include 2,425 shares as a custodian for a minor child under the Uniform Transfer to Minors Act and 2,000 shares in a special needs trust, for which Kary serves as a trustee. In both cases, Kary disclaims beneficial ownership of the securities.
In other recent news, Galectin Therapeutics revealed promising results from its NAVIGATE clinical trial. The trial showed that belapectin may reduce the development of esophageal varices in patients with Metabolic Dysfunction-Associated Steatohepatitis (MASH) cirrhosis and portal hypertension. The trial involved over 130 sites worldwide and included 355 patients who received belapectin or a placebo for 18 months. The study showed a 48.9% reduction in the incidence of varices in patients treated with belapectin, achieving statistical significance. However, the drug did not meet the primary endpoint of statistical significance in the broader intent-to-treat population.
Non-invasive measures supported these findings, with liver stiffness assessments showing a 50% lower number of subjects with worsening stiffness among those treated with belapectin. The safety profile of belapectin was also encouraging, with comparable rates of adverse events and serious adverse events across all cohorts. Despite facing financial challenges, Galectin Therapeutics remains optimistic about belapectin's potential and is actively seeking pharmaceutical partnerships to advance its development. These are among the latest developments in the company's efforts to improve the lives of patients with chronic liver disease and cancer.
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