Analyst: This Pharma Stock Could Triple

Analysts are overwhelmingly bullish toward GLMD stock

Dec 12, 2018 at 11:52 AM
facebook twitter linkedin


The shares of Galmed Pharmaceuticals Ltd (NASDAQ:GLMD) are trading up 17.7% at $9.32, after B. Riley initiated coverage on the drug stock with a "buy" rating and $28 price target -- a 253% premium to last night's close. The brokerage firm waxed optimistic on Aramchol, the drugmaker's Non-Alcoholic Steatohepatitis (NASH) treatment.

This upbeat outlook echoes the bullish bias already displayed by the brokerage bunch, with 100% of analysts in coverage maintaining a "buy" rating. Plus, the average 12-month price target sits all the way up at $33.38, well above GLMD's record high of $27.06 from June 12.

Short interest, meanwhile, is down 83% since its early August all-time peak of 640,000 shares. The 110,000 shares currently dedicated to these bearish bets account for just over 1% of GLMD stock's float, and would take roughly one session to cover, at the security's average pace of trading.

Looking at the charts, the drug stock has been in a downtrend since that mid-June bull gap. More recently, Galmed Pharmaceuticals shares have been churning beneath a trendline connecting lower highs since early October, and bottomed at a six-month low of $7.83 yesterday. Plus, today's upside is being contained by GLMD's 320-day moving average, which has been a ceiling since mid-November.

glmd stock daily chart dec 12

 

 

Now is the time to join our thriving community of Event Traders who consistently profit from every earnings season. With this discounted subscription opportunity, you'll stay ahead of the curve and seize opportunities others miss. Do not let Q3 earnings season pass you by – subscribe now and supercharge your portfolio with expert insights that turn market reactions into profit-generating opportunities!! Don't waste another second... join us right now before the next trade targeting +200% is released!