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.
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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