Galmed Pharmaceuticals (NASDAQ:GLMD) Stock Price Down 5.6%

Galmed Pharmaceuticals Ltd. (NASDAQ:GLMD) traded down 5.6% during trading on Monday . The company traded as low as $2.85 and last traded at $2.88. 121,469 shares changed hands during mid-day trading, a decline of 62% from the average session volume of 322,481 shares. The stock had previously closed at $3.05.

Separately, Zacks Investment Research upgraded shares of Galmed Pharmaceuticals from a “hold” rating to a “buy” rating and set a $3.25 price target on the stock in a report on Tuesday, August 10th. Five research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $16.56.

The company has a debt-to-equity ratio of 0.01, a quick ratio of 7.37 and a current ratio of 7.37. The company’s fifty day simple moving average is $2.90 and its 200-day simple moving average is $3.04. The company has a market capitalization of $72.24 million, a P/E ratio of -1.91 and a beta of 2.22.

Galmed Pharmaceuticals (NASDAQ:GLMD) last issued its earnings results on Thursday, August 5th. The biopharmaceutical company reported ($0.33) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.41) by $0.08. On average, sell-side analysts predict that Galmed Pharmaceuticals Ltd. will post -1.44 EPS for the current year.

Several large investors have recently added to or reduced their stakes in GLMD. Squarepoint Ops LLC boosted its holdings in shares of Galmed Pharmaceuticals by 161.2% in the 1st quarter. Squarepoint Ops LLC now owns 54,884 shares of the biopharmaceutical company’s stock valued at $188,000 after buying an additional 33,874 shares in the last quarter. Goldman Sachs Group Inc. bought a new stake in shares of Galmed Pharmaceuticals in the 1st quarter valued at about $91,000. Morgan Stanley boosted its holdings in shares of Galmed Pharmaceuticals by 14.3% in the 1st quarter. Morgan Stanley now owns 185,552 shares of the biopharmaceutical company’s stock valued at $636,000 after buying an additional 23,200 shares in the last quarter. Finally, Brave Asset Management Inc. bought a new stake in shares of Galmed Pharmaceuticals in the 2nd quarter valued at about $35,000. Institutional investors and hedge funds own 19.19% of the company’s stock.

About Galmed Pharmaceuticals (NASDAQ:GLMD)

Galmed Pharmaceuticals Ltd. is a clinical-stage biopharmaceutical company, which engages in the development of oral therapy for the treatment of non-alcoholic steato-hepatitis (NASH). Its product candidate, Aramchol, is a synthetic fatty acid-bile acid conjugate molecule for the oral treatment of NASH in patients who are overweight or obese and have prediabetes or type II diabetes mellitus.

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