Kevin D. Freeman, a director at Galectin Therapeutics Inc. (NASDAQ:GALT), recently purchased 10,000 shares of the company's common stock. The transaction, which took place on December 24, 2024, was executed at a price of $0.8134 per share, resulting in a total purchase value of $8,134. The purchase comes as the stock trades near its 52-week low of $0.73, having declined nearly 58% in the past week alone. According to InvestingPro analysis, the $53 million market cap company appears undervalued at current levels.
Following this acquisition, Freeman now directly owns 44,769 shares of Galectin Therapeutics. Additionally, he holds 80,000 shares indirectly through Freeman Global Holdings LLC, a limited liability company he controls, and 18,063 shares in an individual retirement account (IRA).
Freeman has disclaimed beneficial ownership of the securities held by Freeman Global Holdings LLC, except to the extent of his pecuniary interest.
In other recent news, Galectin Therapeutics disclosed results from its NAVIGATE clinical trial, suggesting that belapectin might decrease the formation 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 were administered either belapectin or a placebo for 18 months. In the per-protocol population, belapectin at 2mg/kg of lean body mass demonstrated a 48.9% reduction in the incidence of varices compared to the placebo, 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 outcomes, with liver stiffness assessments revealing a 50% lower number of subjects with worsening stiffness among those treated with belapectin. The safety profile was also favorable, with comparable rates of adverse events and serious adverse events across all cohorts. The company remains optimistic about belapectin's potential and is actively seeking pharmaceutical partnerships to advance its development.
Dr. Khurram Jamil, Chief Medical (TASE:PMCN) Officer at Galectin Therapeutics, anticipates further updates from ongoing analyses, including additional biomarker data expected in early 2025. Despite the company's financial challenges, as indicated by a weak overall health score and negative earnings per share of -$0.73, analysts maintain an $11 price target, suggesting significant upside potential.
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