Galera Therapeutics (NASDAQ:GRTX) Price Target Raised to $21.00 at Smith Barney Citigroup

Galera Therapeutics (NASDAQ:GRTX) had its price target raised by Smith Barney Citigroup from $18.00 to $21.00 in a research report report published on Wednesday, The Fly reports.

A number of other equities research analysts have also recently commented on GRTX. BidaskClub raised Galera Therapeutics from a hold rating to a buy rating in a report on Wednesday, October 7th. Zacks Investment Research upgraded Galera Therapeutics from a sell rating to a hold rating in a research report on Tuesday, July 21st. Finally, Credit Suisse Group cut their price objective on Galera Therapeutics from $14.00 to $8.00 and set a neutral rating for the company in a research report on Wednesday, July 29th. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company has an average rating of Buy and an average price target of $17.83.

NASDAQ:GRTX opened at $9.58 on Wednesday. The business’s 50-day simple moving average is $10.23 and its two-hundred day simple moving average is $9.53. The stock has a market cap of $238.37 million and a PE ratio of -0.18. Galera Therapeutics has a 52 week low of $5.58 and a 52 week high of $19.50.

Galera Therapeutics (NASDAQ:GRTX) last posted its quarterly earnings results on Monday, August 10th. The company reported ($0.75) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.76) by $0.01. As a group, research analysts forecast that Galera Therapeutics will post -2.94 EPS for the current year.

In related news, major shareholder Holdings A/S Novo sold 450,000 shares of Galera Therapeutics stock in a transaction dated Thursday, October 15th. The stock was sold at an average price of $11.00, for a total value of $4,950,000.00. Following the completion of the transaction, the insider now owns 2,959,021 shares in the company, valued at $32,549,231. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jon T. Holmlund sold 2,244 shares of Galera Therapeutics stock in a transaction dated Monday, October 26th. The stock was sold at an average price of $15.00, for a total value of $33,660.00. Following the completion of the transaction, the insider now owns 2,244 shares of the company’s stock, valued at approximately $33,660. The disclosure for this sale can be found here. In the last quarter, insiders sold 452,344 shares of company stock valued at $4,984,860. 19.30% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GRTX. Tekla Capital Management LLC grew its position in Galera Therapeutics by 150.0% in the second quarter. Tekla Capital Management LLC now owns 1,041,845 shares of the company’s stock worth $7,439,000 after acquiring an additional 625,179 shares in the last quarter. Taylor Wealth Management Partners purchased a new position in shares of Galera Therapeutics during the second quarter valued at approximately $428,000. Jacobs Levy Equity Management Inc. purchased a new position in shares of Galera Therapeutics during the second quarter valued at approximately $258,000. Raymond James Financial Services Advisors Inc. purchased a new position in shares of Galera Therapeutics during the second quarter valued at approximately $204,000. Finally, Charles Schwab Investment Management Inc. purchased a new position in shares of Galera Therapeutics during the second quarter valued at approximately $135,000. Institutional investors own 75.25% of the company’s stock.

About Galera Therapeutics

Galera Therapeutics, Inc, a clinical-stage biotechnology company, focuses on the development and commercialization of therapeutics for the transformation of radiotherapy in cancer. The company's lead product candidate is GC4419, a small molecule dismutase mimetic, which is in Phase III clinical trial for the treatment of radiation-induced severe oral mucositis in patients with head and neck cancer, as well as in Phase I clinical trial for the treatment of radiotherapy-induced esophagitis.

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