UPDATE: Dawson James Reiterates Buy Rating, Lowers PT on Galectin Therapeutics

In a company update published earlier today, Dawson James Securities reiterated its Buy rating on Galectin Therapeutics

, but lowered its price target to $3.00. Dawson James went on to say, “Galectin Therapeutics shares have declined this year, following a delay in product approvals in International jurisdictions and a reverse stock split, but some anticipated positive scientific and clinical progress as well as a possible investor awakening to the current deep value of these current shares (less than 2X cash on hand) could point to a rebound in these shares this year. Thus, we are maintaining our BUY rating on GALT shares, although lowering our 18-24 month price target to $3.00 per share (from $24.00 split-adjusted previously), representing a price/revenue multiple of 1.5X projected revenues of $43 million in 2015E discounted by 40% and a little less than 3.0X cash on hand.” Shares of Galectin Therapeutics were trading at $1.85 at the time of posting, down 2.12% from Thursday's market close.