NORCROSS, Ga.—Lewis Joel, President and CEO of Galectin Therapeutics Inc. (NASDAQ:GALT), a small-cap biotech company valued at $52.76 million, recently executed a series of stock transactions involving the company's common stock. The transactions come as GALT shares have declined nearly 58% in the past week. According to a filing with the Securities and Exchange Commission, Joel sold 56,000 shares of Galectin Therapeutics, generating approximately $49,610. The shares were sold at an average price of $0.8859, with prices ranging from $0.85 to $0.92. This transaction was conducted under a previously disclosed 10b5-1 trading plan.
Additionally, Joel acquired 56,000 shares of common stock at no additional cost due to the vesting of Restricted Stock Units (RSUs). Following these transactions, Joel holds 897,012 shares directly. The filing also notes a separate holding of 2,000 shares as custodian for a minor child, which Joel disclaims beneficial ownership of.
These transactions provide insight into the executive's management of his equity stake in the company as the year concludes.
In other recent news, Galectin Therapeutics Inc. disclosed results from its NAVIGATE clinical trial, suggesting that belapectin might lessen the progression of esophageal varices in patients with Metabolic Dysfunction-Associated Steatohepatitis (MASH) cirrhosis and portal hypertension. The study, which spanned over 130 sites across five continents, involved 355 patients who received belapectin or a placebo for 18 months. In the per-protocol population, belapectin at 2mg/kg of lean body mass showed a significant 48.9% reduction in the incidence of varices compared to the placebo. However, the drug did not meet the primary endpoint of statistical significance in the broader intent-to-treat population.
The results were supported by non-invasive measures, with liver stiffness assessments revealing a 50% lower number of subjects with worsening stiffness among those treated with belapectin. The safety profile was also favorable, with similar rates of adverse events and serious adverse events across all cohorts. As the 4 mg/kg dose did not enhance efficacy, the 2 mg dose appears to offer optimal therapeutic effects. Galectin Therapeutics remains hopeful about belapectin's potential and is actively seeking pharmaceutical partnerships to advance its development.
These are recent developments and represent the ongoing efforts of Galectin Therapeutics to improve the lives of patients with chronic liver disease and cancer, despite financial challenges, as indicated by a current ratio of 1.13 and negative earnings per share of -$0.73.
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