Galera Therapeutics Shares Surge As Citi Bumps Up Price Target To $20

  • Citi has raised the price target on Galera Therapeutics Inc GRTX to $20 (suggesting 361% upside) from $11 and maintained a Buy rating. 
  • Analyst Yigal Nochomovitz is re-introducing avasopasem with a 90% probability of success into his revenue model following the recent "stunning" disclosure that Galera discovered an error in their computer code used to compute the statistical significance of the primary endpoint in the ROMAN Phase 3 trial. 
  • Nochomovitz believes the chances are excellent that the now successful ROMAN trial and favorable prior Phase 2b data will be sufficient to support a new drug application submission.
  • Last week, Galera announced corrected results from its Phase 3 ROMAN trial of avasopasem for radiotherapy-induced severe oral mucositis (SOM) in head and neck cancer.
  • The corrected data showed that avasopasem achieved statistical significance on the primary endpoint of reduction in the incidence of SOM. 
  • Price Action: GRTX shares traded up by 46.6% at $4.34 during the market session on the last check Monday.

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