H.C. Wainwright downgrades Galectin Therapeutics after MASH trial fails

H.C. Wainwright analyst Ed Arce downgraded Galectin Therapeutics (GALT) to Neutral from Buy with no price target after the company’s Phase 2b NAVIGATE trial of belapectin in patients with metabolic dysfunction-associated steatohepatitis cirrhosis and portal hypertension failed to reach statistical significance on the primary endpoint. While the firm believes belapectin is an active drug, it acknowledges that investor sentiment on Galectin is “now rather poor” given that this is the second Phase 2b trial to miss its primary endpoint and it regards the stock to be “deep in the penalty box.”