Galmed Pharmaceuticals Stock Is Soaring Thursday: Here's Why
Portfolio Pulse from Adam Eckert
Galmed Pharmaceuticals Ltd (NASDAQ:GLMD) shares surged after announcing plans to expand drug development with two new programs targeting cancer and cardiac fibrosis. The company will release new data in Q4. GLMD is a low-float stock, contributing to its volatility.
September 19, 2024 | 2:39 pm
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Galmed Pharmaceuticals announced plans to expand its drug development activities, adding programs targeting cancer and cardiac fibrosis. This news has led to a significant surge in GLMD's stock price, which is also influenced by its low float and micro-cap status.
The announcement of new drug development programs is a positive catalyst for Galmed Pharmaceuticals, leading to a 53.6% increase in stock price. The low float of the stock further amplifies its volatility, contributing to the sharp price movement.
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