Galecto drops as bone marrow cancer drug data raises concerns

Damora Therapeutics

29/09/2022 18:32

** Shares of Galecto Inc  GLTO.O  fall ~15% to $2.03 - set
to post biggest daily pct decline since June last year
    ** Co announces results from an intermediate assessment of
mid-stage study of its experimental therapy, GB2064, for 
treating a type of disorder in which bone marrow is replaced by
fibrous tissue  urn:newsml:reuters.com:*:nGNX7TQ7vx
    ** The study potentially limits interpretability of the
results as only 5 of 16 enrolled patients were evaluable; leaves
some questions on overall product profile of the therapy -
Credit Suisse 
    ** Brokerage adds that though reduction of fibrosis in the
evaluable patients is a clear positive, it remains unclear how
the reduction in fibrosis may correlate with clinical outcomes
at this time
    ** Credit Suisse has an "outperform" rating on GLTO with PT
of $6
    ** Including session losses, stock down 33% YTD
 (Reporting by Raghav Mahobe)
 ((Raghav.Mahobe@thomsonreuters.com;))