Galectin Therapeutics Inc. (NASDAQ: GALT) is having a strong start to the trading session in the pre-market hours this morning, and for good reason. The company announced that it has selected a new, long-term CEO. Of course, the news is exciting investors who are sending the stock toward the top. Today, we’ll talk about:
- The CEO selection;
- what we’re seeing from GALT as a result; and
- what we’ll be watching for with regard to the stock ahead.
GALT Announces CEO Selection
As mentioned agove, Galectin Therapeutics is having an incredibly strong start to the trading session this morning after announcing that it has selected a new CEO. In a press release issued ealry this morning, teh company announced that Harold H. Shlevin, Ph.D., currently on the team as the company’s Chief Operating Officer, has been appointed as the Chief Executive Officer and President of the company. Dr. Shlevin will be succeeding Peter G. Traber, M.D., who has tendered his resignation as President, CEO and CMO at GALT. The move will be made effictive as of July, 6 2018. In a statement, Dr. Shlevin appointed CEO at GALT, had the following to offer:
I am extremely grateful for the Board’s confidence in our experienced team, many of whom I recruited to Galectin Therapeutics and worked with for many years prior to joining Galectin. It has been a personal and professional pleasure to work with Peter over the last six years, and the Company and I wish him well in his future endeavors.
We believe our NASH-CX Phase 2 trial was the first large, randomized clinical trial of any drug to demonstrate a clinically meaningful improvement in HVPG in NASH cirrhosis patients. With our management team and other core team members and the Board leadership under Dick Uihlein, I am confident in our ability to build value for our shareholders and advance GR-MD-02 to provide patients a treatment option for dealing with their NASH cirrhosis.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news causes moves. In the case of Galectin Therapeutics, the news proved to be overwhelmingly positive. With new leadership taking charge, investors are hoping for a shift in the right direction. So, it’s no surprise to see that excited investors are sending the stock on a run upward. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. At the moment (8:40), GALT is trading at $6.11 per share after a gain of $0.13 per share or 2.17% thus far today.
Stop wasting your time! Start finding winning trades in minutes with Trade Ideas!
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on GALT. In particular, we’re interested in following the company under the leadership of Dr. Shlevin and excited to see the changes that take lace. Noentheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!