Oppenheimer raised the firm’s price target on Galecto to $10 from $9 and keeps an Outperform rating on the shares after speaking with management following the completion of its strategic transaction that prioritizes focus on oncology and liver diseases by leveraging GB1211 while bolstering the pipeline. The firm sees Galecto’s equity-financed acquisition of global rights to BRM-1420 as providing a differentiated asset with financial efficiency that meanwhile enables continued development of GB1211. Oppenheimer believes BRM-1420 could address several unmet needs persisting in about 30% of all AML patients despite available therapies, and Galecto plans to file an IND at year-end 2025.
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