Galera Therapeutics (NASDAQ:GRTX) Lifted to “Hold” at Zacks Investment Research

Galera Therapeutics (NASDAQ:GRTX – Get Rating) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report 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. “

Separately, Bank of America lowered Galera Therapeutics from a “neutral” rating to an “underperform” rating in a report on Friday, May 27th. One equities 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 company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $9.75.

GRTX stock traded down $0.12 during midday trading on Wednesday, reaching $1.48. The stock had a trading volume of 147,322 shares, compared to its average volume of 430,394. The company’s fifty day simple moving average is $1.93 and its 200 day simple moving average is $2.35. The company has a market cap of $39.70 million, a price-to-earnings ratio of -0.50 and a beta of 2.40. Galera Therapeutics has a 52-week low of $1.15 and a 52-week high of $10.79.

Galera Therapeutics (NASDAQ:GRTX – Get Rating) last announced its quarterly earnings data on Monday, May 16th. The company reported ($0.58) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.60) by $0.02. On average, analysts predict that Galera Therapeutics will post -1.44 EPS for the current fiscal year.

A number of institutional investors have recently bought and sold shares of the business. Virtu Financial LLC purchased a new stake in shares of Galera Therapeutics in the first quarter valued at $30,000. Renaissance Technologies LLC purchased a new stake in shares of Galera Therapeutics in the first quarter valued at $1,045,000. BlackRock Inc. lifted its position in shares of Galera Therapeutics by 86.8% in the first quarter. BlackRock Inc. now owns 321,292 shares of the company’s stock valued at $765,000 after acquiring an additional 149,253 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Galera Therapeutics by 89.0% in the fourth quarter. Goldman Sachs Group Inc. now owns 22,149 shares of the company’s stock valued at $102,000 after acquiring an additional 10,428 shares in the last quarter. Finally, Millennium Management LLC lifted its position in shares of Galera Therapeutics by 313.7% in the fourth quarter. Millennium Management LLC now owns 154,438 shares of the company’s stock valued at $709,000 after acquiring an additional 117,110 shares in the last quarter. 41.92% of the stock is currently owned by institutional investors.

Galera Therapeutics Company Profile (Get Rating)

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 superoxide dismutase mimetic, which has completed Phase III clinical trial for the treatment of radiotherapy induced severe oral mucositis in patients with head and neck cancer (HNC); in Phase IIa clinical trial for the treatment of radiotherapy-induced esophagitis in patients with lung cancer; and in Phase IIa clinical trial for patients with HNC undergoing standard-of-care radiotherapy.

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