Why Is Galecto Stock Plummeting Today?
Portfolio Pulse from Vandana Singh
Galecto Inc (NASDAQ:GLTO) announced that its Phase 2b GALACTIC-1 trial for inhaled GB0139 for idiopathic pulmonary fibrosis (IPF) did not meet its primary endpoint. The company plans to discontinue the development of GB0139 and will focus on severe liver diseases. Galecto plans to initiate Phase 2a GULLIVER-3 trial evaluating GB1211 in patients with decompensated NASH cirrhosis in early 2024. GLTO shares are down 57.30% at $1.00.
August 15, 2023 | 1:39 pm
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Galecto's Phase 2b trial for GB0139 did not meet its primary endpoint, leading to a 57.30% drop in share price. The company plans to discontinue GB0139 and focus on severe liver diseases.
The failure of the Phase 2b trial for GB0139 is a significant setback for Galecto, leading to a sharp drop in its share price. The company's decision to discontinue GB0139 and shift its focus to severe liver diseases indicates a change in its product development strategy, which could have further implications for its stock price.
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