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Jamil Khurram, Chief Medical (TASE:) Office of The opinion of the company Galectin Therapeutics Inc. (NASDAQ:), recently sold 13,654 shares of the company’s common stock. The shares were traded at an average price of $0.8821, for a total of about $12,044. The transaction was conducted under the previously disclosed 10b5-1 trading plan. The sale comes amid a difficult period for GALT, where the stock fell nearly 58% last week. According to InvestingPro analysis, the company’s stock is currently trading below its Fair Value, indicating a potential opportunity.
In addition to the sale, Khurram acquired 40,000 shares of common stock for no additional consideration, due to the issuance of restricted shares. Following this, Khurram now directly owns 26,346 shares in a market value of $52.76 million. InvestingPro subscribers can access 8 additional insights on GALT’s financial health and market conditions, as well as detailed market analysis.
In other recent news, Galectin Therapeutics Inc. has announced positive results from its NAVIGATE clinical trial. This trial aimed to investigate the potential of belapectin in reducing the growth of esophageal arteries in patients with Metabolic Dysfunction-Associated Steatohepatitis (MASH) cirrhosis and portal hypertension. The trial involved more than 130 sites worldwide and included 355 patients who received belapectin or placebo for 18 months.
In the number of people with the protocol, who completed the trial with necessary endoscopies, belapectin at 2mg/kg of lean body mass showed a 48.9% reduction in the incidence of varicose veins compared to placebo. This result found statistical significance. However, in the majority of the population seeking treatment, the drug did not meet the primary endpoint of statistical significance.
Findings from non-invasive methods showed a 50% reduction in the number of people with severe liver disease among those treated with belapectin. The safety profile of belapectin was also encouraging, with similar rates of adverse events in all groups. Despite facing financial difficulties, as shown by the current ratio of 1.13 and negative earnings per share of $0.73, Galectin Therapeutics is still optimistic about the potential of belapectin and is actively seeking a pharmaceutical partnership to advance its development.
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