A development stage pharmaceutical company engaged in the discovery, development and commercialization of carbohydrate-based therapeutic compounds for advanced treatment of cancer, liver, microbial, cardiovascular and inflammatory diseases.
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. Market data provided by Interactive Data.
Company fundamental data provided by Morningstar. Earnings Estimates, Analyst Ratings and Key Statistics provided by Zacks.
SEC Filings and Insider Transactions provided by Edgar Online.
Powered and implemented by Interactive Data Managed Solutions. Terms & Conditions
RSS Headlines
Fool UK
Recs
Galectin is a funny company. That's funny ha-ha, not funny strange. Biopharma stock research can occasionally be a dry pastime so I'm grateful for companies like Galectin that provide some comic relief.
For those that follow biopharma back beyond the last 24 hours of press releases, Galectin used to be all about Davanat, which supposedly blocked the galectin-mediated pathway certain tumors use to evade immunologic surveillance. After superficially encouraging (but actually lame) early stage trial data for Davanat, the company planned to initiate phase III trials in the US and apply for approval in Colombia based on aforementioned lame data.
The company subsequently decided the phase III trial in the US wasn't worth undertaking (so much for that amazing early data). But the belly laugh comes from this section in the most recent quarterly PR. "The time to receive a definitive answer regarding Colombian approval has clearly taken longer than we were originally led to believe. At this point, our corporate strategy for increasing the value of the Company is not dependent on approval in Colombia."
OK guys. For the last time. You only deliver half the cocaine before the approval. You hold on to the other half until after your drug gets approved. Amateurs.
Regretfully, I've been shut out of Galectin since closing my last underperform pitch a few months ago. One of the annoying flaws of CAPS is that many highly liquid, volatile, interesting biopharmas fall out of eligibility due to the poorly-constructed rule intended to keep players from manipulating the bid/ask spread in illiquid stocks. I have about five or six stocks that I have to check every day to see if they've suddenly become eligible again. That's why I couldn't drop my boot on Galectin yesterday at the peak of their ridiculous jump on an unimportant patent on a pre-clinical compound, and had to wait until today after they had already given back 20%.
I'm still fairly confident I'm going to retain my score leadership. The patent is irrelevant in the short term as the drug won't even complete the first phase I trial until the end of 2014, according to the company's own PR. Given my experience with Galectin, I'm confident that ultimately they won't be developing any effective drugs. The only question is how long they can keep their charade going until bankruptcy.
Before I get any Colombian hate mail, let me just say that I've been to your beautiful country twice and was treated very kindly. I didn't see a speck of cocaine, even when I was in Medellin.