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.

Posted In: Briefswhy it's movingAnalyst ColorBiotechLong IdeasNewsPenny StocksHealth CarePrice TargetReiterationAnalyst RatingsMoversTrading IdeasGeneral

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.