Today’s Research Reports on Stocks to Watch: Flex Pharma and Galectin Therapeutics
Flex Pharma was one of the biggest decliners in the stock market yesterday after the company announced it would be stopping two ongoing trials due to safety concerns and that it would be eliminating 60% of its workforce. Shares of Galectin saw gains after announcing that it has chosen the company’s COO to be the new chief executive.
RDI Initiates Coverage on:
Flex Pharma, Inc.
Galectin Therapeutics, Inc.
Flex Pharma, Inc. shares took a heavy tumble in Wednesday trading, closing the day down about 75%. Shares plummeted to a new low of $1.04 on about 2.8 million shares traded yesterday after the drug developer released a corporate update that revealed it would be stopping two ongoing mid-stage trials that test its lead drug FLX-787, to treat neuromuscular diseases. CEO Bill McVicar said, "Recent observations of oral intolerability … indicate that more formulation and dose-ranging studies are required, which is challenging for the company based upon our current resources." The company also revealed that it would be slashing its workforce by 60%. Considering that as of March the company only had 20 full-time employees and 2 part-time employees, Wall Street took this news as well as the news about scraping the trials a little hard.
Access RDI’s Flex Pharma, Inc. Research Report at:
Galectin Therapeutics, Inc. shares closed up 23.54% on about 5.7 million shares traded on Wednesday. The stock hit a new high of $8.00 during intra-day trading after announcing on Tuesday that it has appointed its Chief Operating Officer, Harold H. Shlevin, Ph.D., as the company’s new CEO and President. The transition will take effect on July 6th, 2018. The company’s Board Chairman Richard Uihlein stated, “As the Company enters this next strategic phase, we are extremely pleased that Dr. Harold Shlevin, who has been Galectin’s COO since 2012, and who has extensive healthcare leadership experience, has agreed to take on the broader role of CEO at this critical juncture. Harold has significant business development experience as an executive and will be responsible for directing and overseeing the potential partnering of our NASH Phase 3 compound. Dr. Shlevin will also oversee future NASH cirrhosis trials and is responsible for the Company’s clinical trials in cancer immunotherapy and any other potential new clinical trials in other indications." Dr. Shlevin remarked, “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.”
Access RDI’s Galectin Therapeutics, Inc. Research Report at:
Our Actionable Research on Flex Pharma, Inc. (NASDAQ: FLKS) and Galectin Therapeutics, Inc. (NASDAQ: GALT) can be downloaded free of charge at Research Driven Investing.
Research Driven Investing
We are committed to providing relevant and actionable information for the self-directed investor. Our research is reputed for being a leader in trusted, in-depth analysis vital for informed strategic trading decisions. The nimble investor can leverage our analysis and collective expertise to execute a disciplined approach to stock selection.
RDInvesting has not been compensated; directly or indirectly; for producing or publishing this document.
Disclaimer: This article is written by an independent contributor of RDInvesting.com and reviewed by Nadia Noorani, CFA® charter holder. RDInvesting.com is neither a registered broker dealer nor a registered investment advisor. For more information please read our full disclaimer at www.rdinvesting.com/disclaimer.
For any questions, inquiries, or comments reach out to us directly at:
Research Driven Investing, Unit #901 511 Avenue of the Americas, New York, NY, 10011
CFA® and Chartered Financial Analyst® are registered trademarks owned by CFA Institute.