Friday, July 13, 2018 11:35:55 AM
10:49 am ET July 13, 2018 (Benzinga) Print
Two days after Cantor Fitzgerald gave Galmed Pharmaceuticals Ltd (NASDAQ: GLMD) a shot in the arm with an ultrabullish rating, Stifel Nicolaus administered a booster.
Galmed spiked 15 percent Friday morning after already having risen 21 percent in the preceding session.
The Analyst
Stifel analyst Adam Walsh initiated coverage of Galmed with a Buy rating and $35 price target.
The Thesis
As with Cantor Fitzgerald, Galmed’s Aramchol was again the point of optimism.
Walsh considers the candidate a multibillion-dollar opportunity for the treatment of non-alcoholic steatohepatitis, or NASH, and forecast a “decent chance” of an Aramchol partnership deal materializing ahead of the Phase 3 trial launch in the first half of 2019. (See Walsh's track record here.)
“We think large-pharma validation could drive shares significantly higher,” the analyst said.
With positive Phase 2b results failing to stimulate the stock, Stifel said the Street overlooked Aramchol’s strengths and thereby created a buying opportunity.
Aramchol did not reach statistical significance on either of two approvable endpoints — but they were secondary endpoints and were not powered for statistics, Walsh said.
“While Aramchol did not hit statistical significance on either of the two approvable endpoints, we remind investors that these “Despite this, Aramchol nearly hit on NASH resolution without worsening of fibrosis and showed strong trends on the fibrosis improvement with no worsening of NASH.”
The analyst expects the next phase to generate the statistically significant data investors demand.
After conversations with management, Walsh rejected concerns over dropout rates and competition from Madrigal Pharmaceuticals Inc (NASDAQ: MDGL).
Price Action
Galmed shares were rallying 16.27 percent to $14.85 at the time of publication Friday morning.
Related Links:
Galmed Shares More Than Double As It Hits Bullseye With Fatty Liver Candidate
Zogenix Soars On Positive Phase 3 Data In Dravet Syndrome Study
Photo by Nephron/Wikimedia.
Latest Ratings for GLMD DateFirmActionFromTo
Jul 2018Stifel NicolausInitiates Coverage OnBuy Jul 2018Cantor FitzgeraldInitiates Coverage OnOverweight Jun 2018Maxim GroupMaintainsBuyBuy
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Recent GLMD News
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 09/25/2024 12:05:15 PM
- Galmed publishes Results from Aramchol Phase 3 Open Label part in Hepatology • PR Newswire (US) • 09/25/2024 12:00:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 09/20/2024 08:46:04 PM
- Form SC 13G/A - Statement of Beneficial Ownership by Certain Investors: [Amend] • Edgar (US Regulatory) • 09/20/2024 06:18:08 PM
- Form SC 13G - Statement of Beneficial Ownership by Certain Investors • Edgar (US Regulatory) • 09/20/2024 06:17:11 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 09/19/2024 11:13:44 AM
- Galmed Announces an Expansion of its Activities to Cancer and major Cardiometabolic Diseases • PR Newswire (US) • 09/19/2024 11:00:00 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 09/16/2024 08:15:24 PM
- Form EFFECT - Notice of Effectiveness • Edgar (US Regulatory) • 09/10/2024 04:15:08 AM
- Form 424B3 - Prospectus [Rule 424(b)(3)] • Edgar (US Regulatory) • 09/09/2024 08:30:22 PM
- Form F-1 - Registration statement for certain foreign private issuers • Edgar (US Regulatory) • 08/30/2024 08:25:56 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/30/2024 08:15:20 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/28/2024 08:30:23 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/27/2024 08:15:33 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 07/11/2024 12:50:53 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 06/05/2024 08:16:13 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/30/2024 08:30:08 PM
- Galmed Pharmaceuticals Ltd. Files Annual Report on Form 20-F for the Fiscal Year Ended December 31, 2023 • PR Newswire (US) • 04/04/2024 09:06:00 PM
- Galmed Announces Grant of New Patent for the Combination of Aramchol with Resmetirom (MGL-3196, REZDIFFRA) for the Treatment of NASH and Liver Fibrosis • PR Newswire (US) • 03/15/2024 01:00:00 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/14/2024 07:14:47 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/12/2024 09:15:15 PM
- Form POS AM - Post-Effective amendments for registration statement • Edgar (US Regulatory) • 11/22/2023 09:48:47 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/20/2023 09:37:19 PM
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