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Galectin Therapeutics Inc. (NASDAQ:GALT), a pharmaceutical company focused on the development of treatments for fibrotic disease and cancer with a market capitalization of $76.57 million, concluded its 2024 Annual Meeting of Stockholders on January 23, 2025, with shareholders voting on several key matters, according to a recent SEC filing.
According to InvestingPro analysis, the company currently maintains a weak financial health score of 1.51, reflecting ongoing operational challenges.
During the meeting, shareholders elected all of the company's nominated directors to serve until the next annual meeting or until their successors are elected and qualified. Notably, each director received a significant number of votes for their election, reflecting shareholder support for the board's composition.
Additionally, the stockholders ratified the appointment of Cherry Bekaert (EBR:BEKB) LLP as Galectin Therapeutics' independent registered public accounting firm for the fiscal year ending December 31, 2024. The decision was made with an overwhelming majority, with 38,723,588 votes for, 162,839 against, and 408,919 abstentions.
The voting results for the election of directors were as follows: Gilbert F. Amelio, Ph.D., received 18,236,198 votes for and 1,013,767 votes withheld; Benjamin S. Carson, Sr., M.D., garnered 18,935,118 votes for and 314,847 withheld; and similar support was seen for the other directors, including Chairman Richard E. Uihlein, who received 18,988,589 votes for and 261,376 withheld. All directors experienced broker non-votes totaling 20,045,381, which do not affect the election outcomes.
The company, headquartered in Norcross, GA, has not provided any additional comments on the results of the meeting or any future plans based on the outcomes. This news is based on information contained in a press release statement.
The company's stock has faced significant headwinds, with InvestingPro data showing a 52.34% decline over the past six months.
While the results from Galectin Therapeutics' annual meeting indicate a status quo with continued support for the current board and auditor, InvestingPro analysis suggests the stock is currently trading below its Fair Value. Subscribers can access 6 additional ProTips and comprehensive financial metrics to make more informed investment decisions. For a deeper understanding of undervalued opportunities, visit our Most Undervalued Stocks list.
In other recent news, Galectin Therapeutics has experienced a shift in its stock rating and has revealed significant findings from its NAVIGATE clinical trial. H.C. Wainwright analyst Ed Arce has downgraded Galectin's stock rating from Buy to Neutral following recent clinical trial results. The NAVIGATE trial results showed that belapectin, Galectin's drug in development, may reduce the development of esophageal varices, although it did not meet the primary endpoint in the broader intent-to-treat population.
Despite this, the trial showed a 48.9% reduction in the incidence of varices in the per-protocol population and less worsening in liver stiffness, a non-invasive measure of liver health. Galectin has expressed intentions to continue developing belapectin for cirrhotic NASH patients and align with the FDA on a Phase 3 program. However, H.C. Wainwright removed its price target for Galectin shares, suggesting that only positive results from a pivotal Phase 3 trial could significantly impact the stock.
In addition to these developments, Galectin is actively seeking pharmaceutical partnerships to advance belapectin's development, despite facing financial challenges and a negative earnings per share of -$0.73. The company is backed by support from liver health researchers Dr. Naim Alkhouri and Dr. Naga Chalasani, and analysts maintain an $11 price target, indicating potential upside.
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