Galecto initiated with an Outperform at Oppenheimer

Oppenheimer initiated coverage of Galecto with an Outperform rating and $12 price target. The firm believes the current risk/reward setup is attractive ahead of several transformative catalysts. Galecto is the pioneer in developing small molecule inhibitors targeting galectin-3 and lysyl oxidase-like 2 to address the underlying biology for fibrotic diseases and cancer. The company is actively advancing clinical programs in idiopathic pulmonary fibrosis, myelofibrosis, liver fibrosis, and NSCLC, all with high unmet medical needs. Oppenheimer appreciates the novelty of the therapeutic target and applications considering a still-evolving understanding of the biology, and recognizes that success in any of the four programs may unlock substantial opportunity, which it believes makes Galecto’s shares attractive ahead of key catalysts.