Galera Therapeutics (NASDAQ:GRTX) Upgraded to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Galera Therapeutics (NASDAQ:GRTX) from a sell rating to a hold rating in a research note released on Wednesday, Zacks.com reports.

According to Zacks, “Galera Therapeutics, Inc. is a clinical-stage biopharmaceutical company. It is focused on developing and commercializing novel, proprietary therapeutics to transform radiotherapy in cancer. The company’s product candidate is GC4419, a highly selective and potent small molecule dismutase mimetic which is designed to rapidly convert superoxide to hydrogen peroxide. Galera Therapeutics, Inc. is headquartered in Malvern, PA. “

A number of other equities research analysts have also weighed in on GRTX. BidaskClub lowered Galera Therapeutics from a hold rating to a sell rating in a research report on Saturday, January 9th. Credit Suisse Group raised Galera Therapeutics from a neutral rating to an outperform rating and lifted their target price for the company from $9.00 to $15.00 in a research report on Wednesday, December 16th. HC Wainwright initiated coverage on Galera Therapeutics in a research report on Monday, December 7th. They set a buy rating and a $15.00 target price for the company. Finally, Smith Barney Citigroup lifted their target price on Galera Therapeutics from $18.00 to $21.00 in a research report on Wednesday, October 28th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the stock. Galera Therapeutics presently has a consensus rating of Hold and an average price target of $16.00.

Shares of GRTX stock opened at $10.03 on Wednesday. Galera Therapeutics has a 52-week low of $5.58 and a 52-week high of $18.57. The firm has a market capitalization of $250.26 million and a P/E ratio of -2.87. The stock has a 50 day moving average price of $10.81 and a 200 day moving average price of $9.43.

Galera Therapeutics (NASDAQ:GRTX) last issued its earnings results on Tuesday, November 10th. The company reported ($0.69) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.71) by $0.02. On average, equities research analysts anticipate that Galera Therapeutics will post -2.83 earnings per share for the current fiscal year.

In other news, insider Jon T. Holmlund sold 2,244 shares of Galera Therapeutics stock in a transaction on Monday, October 26th. The stock was sold at an average price of $15.00, for a total value of $33,660.00. Following the transaction, the insider now directly owns 2,244 shares in the company, valued at approximately $33,660. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Joel F. Sussman sold 10,000 shares of Galera Therapeutics stock in a transaction on Friday, November 13th. The shares were sold at an average price of $10.32, for a total value of $103,200.00. Following the completion of the transaction, the chief accounting officer now owns 10,000 shares in the company, valued at $103,200. The disclosure for this sale can be found here. Company insiders own 19.30% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. grew its stake in Galera Therapeutics by 6.4% during the 3rd quarter. BlackRock Inc. now owns 422,640 shares of the company’s stock worth $3,822,000 after buying an additional 25,463 shares during the last quarter. Taylor Wealth Management Partners grew its stake in Galera Therapeutics by 3.7% during the 3rd quarter. Taylor Wealth Management Partners now owns 62,171 shares of the company’s stock valued at $562,000 after purchasing an additional 2,241 shares during the last quarter. VR Adviser LLC purchased a new stake in Galera Therapeutics during the 3rd quarter valued at about $467,000. Jacobs Levy Equity Management Inc. acquired a new position in shares of Galera Therapeutics in the 2nd quarter valued at about $258,000. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Galera Therapeutics by 108.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 24,131 shares of the company’s stock valued at $172,000 after buying an additional 12,535 shares during the period. Hedge funds and other institutional investors own 74.85% of the company’s stock.

Galera Therapeutics Company Profile

Galera Therapeutics, Inc, a clinical stage biopharmaceutical company, focuses on the development and commercialization of therapeutics for the transformation of radiotherapy in cancer. The company's lead product candidate is avasopasem manganese (GC4419), a small molecule dismutase mimetic, which is in Phase III clinical trial for the treatment of radiation-induced severe oral mucositis in patients with head and neck cancer, as well as in Phase IIa clinical trial for the treatment of radiotherapy-induced esophagitis in patients with lung cancer.

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