UPDATE: Aegis Capital Reiterates Buy Rating, Raises PT on Galectin Therapeutics Following Valuation Update

In a report published Monday, Aegis Capital analyst Raghuram Selvaraju reiterated a Buy rating on Galectin Therapeutics GALT, and raised the price target from $7.00 to $10.00. In the report, Aegis Capital noted, “We are raising our price target on Galectin Therapeutics to reflect updated valuation and dilution assumptions that indicate a lower projected share count and favorable comparisons to other companies in similar indications. We note that Galectin currently has two clinical programs ongoing, one with GR-MD-02 in liver fibrosis and the other with GM-CT-01 in cancer. The company has made significant progress thus far in 2013, having recently received Fast Track status for its liver fibrosis program, and we anticipate several significant value-driving catalysts in 2014, starting with release of data from the ongoing Phase 1 trial of GR-MD-02 early in the year. The firm's Phase 2 study in non-alcoholic steatohepatitis (NASH), a highly unmet medical need with no currently-approved effective therapy, could begin by the summer of 2014 and yield data in mid- to late 2015, potentially paving the way for a transformative partnership or potentially an acquisition of the firm. We reiterate our Buy rating and raise our 12-month price target from $7.00 to $10.00 per share. In our view, the firm possesses a technology platform founded upon cutting-edge science and validated targets and remains attractively valued even in the context of recent share appreciation.” Galectin Therapeutics closed on Friday at $6.98.