Galmed Pharmaceuticals Ltd (GLMD) Shares Bought by Millennium Management LLC
Millennium Management LLC boosted its holdings in Galmed Pharmaceuticals Ltd (NASDAQ:GLMD) by 1,768.2% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 315,356 shares of the biopharmaceutical company’s stock after buying an additional 298,476 shares during the quarter. Millennium Management LLC’s holdings in Galmed Pharmaceuticals were worth $3,753,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. UBS Group AG boosted its stake in shares of Galmed Pharmaceuticals by 5,334.8% during the first quarter. UBS Group AG now owns 40,000 shares of the biopharmaceutical company’s stock valued at $223,000 after purchasing an additional 39,264 shares in the last quarter. A.R.T. Advisors LLC acquired a new stake in shares of Galmed Pharmaceuticals during the first quarter valued at about $107,000. FNY Investment Advisers LLC acquired a new stake in shares of Galmed Pharmaceuticals during the second quarter valued at about $333,000. Unterberg Capital LLC acquired a new stake in shares of Galmed Pharmaceuticals during the second quarter valued at about $595,000. Finally, First Manhattan Co. acquired a new stake in shares of Galmed Pharmaceuticals during the second quarter valued at about $1,547,000. 55.77% of the stock is currently owned by institutional investors and hedge funds.
Shares of GLMD opened at $11.56 on Friday. Galmed Pharmaceuticals Ltd has a 1 year low of $3.61 and a 1 year high of $27.06. The stock has a market cap of $194.87 million, a PE ratio of -11.80 and a beta of 2.64.
A number of brokerages have recently commented on GLMD. Cantor Fitzgerald reissued an “overweight” rating on shares of Galmed Pharmaceuticals in a research note on Thursday, July 12th. Zacks Investment Research lowered Galmed Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Wednesday, October 10th. Raymond James began coverage on Galmed Pharmaceuticals in a research note on Friday, July 20th. They set an “outperform” rating and a $26.00 price target on the stock. Maxim Group cut their price target on Galmed Pharmaceuticals from $30.00 to $27.00 and set a “buy” rating on the stock in a research note on Thursday, August 2nd. Finally, Stifel Nicolaus began coverage on Galmed Pharmaceuticals in a research note on Friday, July 13th. They set a “buy” rating and a $35.00 price target on the stock. One equities research analyst has rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Galmed Pharmaceuticals currently has a consensus rating of “Buy” and an average price target of $36.11.
About Galmed Pharmaceuticals
Galmed Pharmaceuticals Ltd., a clinical-stage biopharmaceutical company, focuses on the development of therapeutics for the treatment of liver diseases. The company is develops Aramchol, an oral therapy, which is in ARREST study, a Phase IIb clinical study for the treatment of patients with overweight or obesity, and who are pre-diabetic or type-II-diabetic with non-alcoholic steato-hepatitis.
Further Reading: Rule of 72
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