Today’s move in Galectin Therapeutics (NASDAQ:GALT) certainly has created a buzz among biopharma investors. Indeed, the move of more than 25% in GALT stock signals what may be a revival of strong momentum seen in this stock in late-April.
This is a stock that has seen a 52-week trading range of $1.82 to $5.70. At a current price of around $3.50 per share, Galectin is right in the middle of the range. Accordingly, momentum traders may consider this stock on today’s buying pressure, amid surging interest in speculative names.
The Georgia-based biopharma company has been making headlines today, as it has made an important announcement. Let’s dive into what this means for investors considering GALT stock.
GALT Stock Soaring on Positive Clinical Trial Data
Today, Galectin announced positive melanoma treatment data from one of its key Phase 1b trials. Given the company’s nature as an early stage biopharma play, these results tend to move the needle more substantially than with larger biopharma companies. Accordingly, today’s move may be unsurprising to investors.
Indeed, preliminary data shows positive results from the company’s trial of Belapectin in combination with Merck’s (NYSE:MRK) Keytruda drug. These drugs were administered to patients with metastatic melanoma and head and neck cancer.
The study included nine patients under the melanoma group and five patients under the head and neck cancer group. One partial response, four stable diseases and four progressive diseases resulted from the study for the former group. The company concluded that a 56% disease control rate was achievable as a result of this combination of treatments for melanoma patients. The company found a 40% control rate for head and neck cancer patients. Accordingly, the company has reported that the “combination of Belapectin and pembrolizumab was well tolerated and appeared safe.”
These results are certainly encouraging, and suggest Galectin will continue with its study. Investors appear to be pricing in a higher probability of success for the company’s Belapectin presently.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.