Galmed Pharmaceuticals (GLMD) Gets a Buy Rating from Canaccord Genuity

By Austin Angelo

Canaccord Genuity analyst Edward Nash maintained a Buy rating on Galmed Pharmaceuticals (GLMDResearch Report) yesterday and set a price target of $20.00. The company’s shares closed last Tuesday at $3.82.

According to TipRanks.com, Nash is a 4-star analyst with an average return of 5.9% and a 42.0% success rate. Nash covers the Healthcare sector, focusing on stocks such as Madrigal Pharmaceuticals, Akero Therapeutics, and Theratechnologies.

Galmed Pharmaceuticals has an analyst consensus of Strong Buy, with a price target consensus of $19.75, a 391.3% upside from current levels. In a report issued on November 10, H.C. Wainwright also maintained a Buy rating on the stock with a $29.00 price target.

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Based on Galmed Pharmaceuticals’ latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $6.91 million. In comparison, last year the company had a GAAP net loss of $4.51 million.

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Galmed Pharmaceuticals Ltd. is a clinical-stage biopharmaceutical company. It focuses on the development of the liver targeted stearoyl-coenzyme A desaturase-1 modulator Aramchol, novel, once-daily, oral therapy for the treatment of NASH for variable populations, as well as other liver associated disorders. The Aramchol is a synthetic conjugate of cholic acid, or a type of bile acid, and arachidic acid, or a type of saturated fatty acid, both of which, in their non-synthetic forms, are naturally occurring. The company was founded by Allen Baharaff and Tuvia Gilat in 2000 and is headquartered in Tel Aviv, Israel.