Jamil Khurram, President medical (TASE:) officer Galectin Therapeutics, Inc (NASDAQ:), recently sold 13,654 shares of the company's common stock. The shares were sold at an average price of $0.8821, for a total of about $12,044. This transaction was executed pursuant to the previously disclosed 10b5-1 trading plan. The sale comes amid a difficult period for GALT, with the stock down nearly 58% in the past week. according to InvestingPro From the analysis, the company's shares are currently trading below their fair value, indicating a potential upside opportunity.
In addition to the sale, Khurram acquired 40,000 shares of common stock at no additional consideration, as a result of the vesting of restricted stock units. Following these transactions, Khurram now directly owns 26,346 shares in the company with a market capitalization of $52.76 million. InvestingPro Subscribers can access 8 additional key insights into GALT's financial health and market position, as well as detailed insider trading analysis.
In other recent news, Galectin Therapeutics Inc. announced reported promising results from its clinical trial NAVIGATE. The trial aims to explore the potential of belapectin in reducing the development of esophageal varices in patients with metabolic syndrome-associated steatohepatitis (MASH) and portal hypertension. The trial included more than 130 sites worldwide and included 355 patients who received belapectin or placebo for 18 months.
In the per-protocol population, those who completed the trial with required endoscopy, belapectin at a dose of 2 mg/kg lean body mass showed a 48.9% reduction in the incidence of varicose veins compared with placebo. This result achieved statistical significance. However, in the broader intent-to-treat population, the drug did not achieve a statistically significant primary endpoint.
Additional results from non-invasive measures showed a 50% reduction in the number of people experiencing worsening liver stiffness among those treated with belapectin. The safety profile of belapectin was also encouraging, with similar rates of adverse events in all cohorts. Despite facing financial challenges, as evidenced by a current ratio of 1.13 and negative earnings per share of -$0.73, Galectin Therapeutics remains optimistic about belapectin's potential and is actively pursuing drug partnerships to advance its development.
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