Galecto price target lowered to $9 from $10 at Oppenheimer

Oppenheimer lowered the firm’s price target on Galecto to $9 from $10 and keeps an Outperform rating on the shares. The firm notes Galecto reported Q1 results with $5.7M OpEx and $27.2M cash providing estimated runway into 2025. The company continues to evaluate strategic alternatives following negative topline results from the Phase 2b GALACTIC-1 study of GB0139 for IPF. Galecto signals decreasing OpEx with additional workforce reduction and R&D rationalization. Oppenheimer suspects the company may pursue an M&A deal, partnership, asset divestiture, or other transaction pending favorable terms.