Shares in Galectin Therapeutics Inc (NASDAQ:GALT) enjoyed a second session of bullish interest after the company announced positive data from its galectin-3 inhibitor GR-MD-02 for the treatment of serious skin diseases, including moderate-to-severe plaque psoriasis and severe atopic dermatitis.
The stock has been inching up since November 4, and on Friday, it closed at $0.91, up 16.67%, on volume of 541.70K shares.
Technically, the stock has moved up through its 20-day moving average, and re-emerged from a highly oversold RSI zone.
However, it will be a while before it can be confirmed whether the stock has reversed its downtrend.
Galectin Therapeutics Inc (NASDAQ:GALT) reports encouraging news on skin clinical data
“The Company now has complete data on the therapy of five patients with moderate-to severe plaque psoriasis for up to 24 weeks with 8 mg/kg doses of GR-MD-02 delivered every other week,” the company said in a statement. “All five patients had significant clinical improvement (mean of 52% improvement) as measured by an objective measurement, the PASI (Psoriasis Area and Severity Index).”
GR-MD-02 also was effective in a study conducted on a patient suffering from severe atopic dermatitis.
Simon A. Ritchie, M.D., staff dermatologist, chief of phototherapy and tele-dermatology at San Antonio Military Health System and principal investigator of the studies said: “It is uncommon for patients with moderate-to-severe plaque psoriasis to spontaneously improve without treatment, and the patient with atopic dermatitis had not improved previously on multiple medications. I view continued development of this therapy as potentially important for patients with these skin diseases.”
To develop the promise of GR-MD-02 Galectin has engaged a business development firm to identify a partner who could invest in a program for the conduct of controlled trials at varying levels of dosage.
Can Galectin Therapeutics Inc (NASDAQ:GALT) recoup its September loss?
In September Galectin shares suffered a severe loss when it announced that a Phase 2a clinical trial assessing lead product candidate GR-MD-02 for the treatment of patients with nonalcoholic steatohepatitis (NASH) with advanced fibrosis failed to achieve its primary and secondary endpoints.
It remains to be seen whether the current uptrend will recoup those losses.