Galera Therapeutics downgraded to Neutral from Buy at H.C. Wainwright

H.C. Wainwright downgraded Galera Therapeutics to Neutral from Buy with a price target of 30c, down from $6, after the company received a Complete Response Letter from the FDA for avasopasem for radiotherapy-induced severe oral mucositis in patients with head and neck cancer undergoing standard-of-care treatment. The target drop reflects the possibility that Galera does not possess the resources to fund another pivotal trial of avasopasem and carries a substantive debt burden, the analyst tells investors in a research note.