Galectin Therapeutics (NASDAQ:GALT) Stock Sees Big Rally: Time to Sell?
Positive news with regards to a major trial can often propel a biotech or pharmaceutical stock to new highs and that is what happened with the Galectin Therapeutics (NASDAQ:GALT) stock on Friday.
The company, which is based out of Georgia, saw its stock soar by as much as 25% yesterday after the company announced positive data from the Phase 1b trial of its product for melanoma treatment. Considering the fact that the company is still at a nascent stage as a biopharma company, positive news from a trial can often lead to big moves as opposed to larger companies in the same industry with many products on the market.
Hence, the big move in the Galectin stock may not have come as a major surprise for many investors. The data from the Phase 1b trial of the company’s product Belapectin in combination with Keytruda from Merck was positive. The combination therapy was provided to patients who were suffering from head and neck cancer and metastatic melanoma. In the study, 9 patients were part of the group with melanoma and on the other hand, another group of 5 patients were afflicted with head and neck cancer.
Market Reaction:
On Friday, GALT stock soared 25% at $3.45 with more than 104.26 million shares, compared to its average volume of 4.09 million shares. The stock had moved within a range of $3.3800 – 4.4000 after opening the trade at $3.96. Over the past 52-week, the stock has been trading within a range of $1.8200 – 5.7000.
