Galmed price target lowered to $1 from $4 at Maxim

Maxim analyst Jason McCarthy lowered the firm’s price target on Galmed to $1 from $4 but keeps a Buy rating on the shares. The analyst cites the company having announced a 6-to-9-month delay for initiating the Phase 2a study to evaluate Aramco meglumine for treating primary sclerosing cholangitis due to the ongoing Israel-Hamas conflict and its impact on Galmed’s vendors and suppliers, driving the stock price down about 30% on the news. The announcement pushes back its estimate for Aramchol’s launch in PSC to 2029 from 2028, though the firm remains positive on the Aramchol meglumine potential, Maxim tells investors in a research note.