Galecto initiated with a Buy at UBS

UBS initiated coverage of Galecto (GLTO) with a Buy rating and $45 price target Galecto is developing DMR-001, a long-acting antibody targeting mutant calreticulin for essential thrombocythemia and myelofibrosis, acquired through its reverse merger with Damora Therapeutics, the analyst tells investors in a research note. DMR-001 would be the first therapy to address the underlying driver mutation via subcutaneous administration, aiming to treat symptoms and reduce progression risk to severe leukemia, UBS says.