Shares of the Galmed Pharmaceuticals Ltd. (GLMD) stock were rising today following the green signal by the FDA related to the use of Aramchol meglumine in the phase three ARMOR study. GLMD stock price saw a push of 7.23% to reach $2.67 a share at the time of this writing. The trading volume was 373,674 on the last check. Let’s take a deep look at the stock.
What’s Happening?
Galmed Pharmaceuticals Ltd is a pharmaceutical company that develops therapeutics for the treatment of liver diseases. FDA agrees with Galmed for the use of Aramchol meglumine in the phase three ARMOR study. Furthermore, FDA is agreed that there is no need of conducting additional clinical and non-clinical studies. Only previously planned studies related to Aramchol meglumine are more than enough to check its effectiveness. Aramchol meglumine is the compound that is created using a salt form of Aramchol. This salt has the highest solubility in water as compared to free acid.
GLMD stock will release financial results for the second quarter ended June 30, 2021, on August 5, 2021. Galmed stock will also discuss developments related to clinical programs for Aramchol™.
GMLD stock’s first-quarter 2021 financial results:
- In the first quarter of 2021, Net loss of GLMD stock increased to $8.9 million from $6.1 million in the previous year.
- Galmed stock spent $7.4 million in research and development expenses in the first quarter of 2021. These expenses were $5.6 million for the same period of the previous year. The increase in drug development costs had increased research and development expenses.
- General and administrative expenses jumped to $1.7 million in Q1 2021 from 0.9 million in Q1 2020. The increase in salaries and benefits and higher D&O costs increased these expenses.
- In February 2021, GLMD stock generated $18.4 million from its underwritten public offer and at the market equity program.
GLMD Stock Balance Sheet:
At the end of March 2021, Galmed stock had $58.9 million cash and cash equivalents, restricted cash, short-term deposits, and marketable debt securities as compared to $50.9 million by the end of December 2020.
Conclusion:
Due to a recent announcement, GLMD stock has captivated the attention of investors as far as market sentiment is concerned. The stock has lost 4.08% year to date. Fundamental, as well as technical analysis, is necessary before making any decision regarding this stock.
