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Galectin Therapeutics Inc. stock price
Galectin Therapeutics Inc. latest news:
Galectin Therapeutics stock drops nearly 50% after negative trial results
Galectin Therapeutics Inc. shares dropped nearly 50% in premarket trade on Tuesday after the company said its GR-MD-02 therapy did not meet its primary endpoint in a midstage clinical trial. The company emphasized, however, that the therapy reduced the primary endpoint in a statistically significant and "clinically meaningful" way, relative to the placebo, in about half of the patients in the clinical trial. Results were not statistically significant in the total group of patients "because there was more variability in HVPG measurements for patients with esophageal varices," the company said. Galectin Chief Executive Peter Traber said that the results "stratify a large and easily identifiable group of patients" and "suggest several potential registration endpoints that may be employed in a phase 3 program." GR-MD-02 is being developed for nonalcoholic steatohepatitis, or NASH, a common disease that is caused by fat buildup in the liver and can cause inflammation and damage there. Drugmakers have been racing to capture the market, which they expect to be worth billions of dollars. Galectin shares have surged 42.4% over the last three months to $2.48, compared with a 7.4% rise in the S&P 500 and a 11.7% rise in the Dow Jones Industrial Average .Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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