Galmed Pharmaceuticals (NASDAQ:GLMD) Share Price Crosses Below Fifty Day Moving Average of $2.95

Galmed Pharmaceuticals Ltd. (NASDAQ:GLMD) crossed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $2.95 and traded as low as $2.72. Galmed Pharmaceuticals shares last traded at $2.73, with a volume of 28,487 shares changing hands.

Separately, Zacks Investment Research cut Galmed Pharmaceuticals from a “buy” rating to a “hold” rating in a research report on Wednesday, October 6th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Galmed Pharmaceuticals currently has a consensus rating of “Buy” and a consensus target price of $16.56.

The company has a debt-to-equity ratio of 0.01, a quick ratio of 7.37 and a current ratio of 7.37. The business has a 50-day simple moving average of $2.95 and a two-hundred day simple moving average of $2.96. The company has a market capitalization of $68.48 million, a price-to-earnings ratio of -1.81 and a beta of 2.22.

Galmed Pharmaceuticals (NASDAQ:GLMD) last posted its quarterly earnings results on Thursday, August 5th. The biopharmaceutical company reported ($0.33) EPS for the quarter, beating the consensus estimate of ($0.41) by $0.08. Research analysts predict that Galmed Pharmaceuticals Ltd. will post -1.44 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Brave Asset Management Inc. acquired a new stake in shares of Galmed Pharmaceuticals in the 2nd quarter valued at approximately $35,000. Morgan Stanley lifted its holdings in shares of Galmed Pharmaceuticals by 14.3% in the 1st quarter. Morgan Stanley now owns 185,552 shares of the biopharmaceutical company’s stock valued at $636,000 after buying an additional 23,200 shares during the period. Goldman Sachs Group Inc. acquired a new stake in shares of Galmed Pharmaceuticals in the 1st quarter valued at approximately $91,000. Finally, Squarepoint Ops LLC lifted its holdings in shares of Galmed Pharmaceuticals by 161.2% in the 1st quarter. Squarepoint Ops LLC now owns 54,884 shares of the biopharmaceutical company’s stock valued at $188,000 after buying an additional 33,874 shares during the period. 19.19% of the stock is owned by institutional investors and hedge funds.

About Galmed Pharmaceuticals (NASDAQ:GLMD)

Galmed Pharmaceuticals Ltd. is a clinical-stage biopharmaceutical company, which engages in the development of oral therapy for the treatment of non-alcoholic steato-hepatitis (NASH). Its product candidate, Aramchol, is a synthetic fatty acid-bile acid conjugate molecule for the oral treatment of NASH in patients who are overweight or obese and have prediabetes or type II diabetes mellitus.

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