Galmed Pharmaceuticals (NASDAQ:GLMD) Stock Price Crosses Above 50 Day Moving Average of $5.43

Galmed Pharmaceuticals Ltd. (NASDAQ:GLMD – Get Rating) crossed above its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $5.43 and traded as high as $5.49. Galmed Pharmaceuticals shares last traded at $4.96, with a volume of 5,175 shares.

Wall Street Analysts Forecast Growth

Separately, StockNews.com started coverage on Galmed Pharmaceuticals in a research note on Wednesday. They set a “sell” rating on the stock.

Galmed Pharmaceuticals Stock Performance

The company has a market capitalization of $8.34 million, a P/E ratio of -0.47 and a beta of 1.12. The stock has a 50 day moving average price of $5.43 and a 200 day moving average price of $6.89.

Galmed Pharmaceuticals (NASDAQ:GLMD – Get Rating) last released its earnings results on Wednesday, March 29th. The biopharmaceutical company reported ($1.50) EPS for the quarter.

Institutional Investors Weigh In On Galmed Pharmaceuticals

Large investors have recently added to or reduced their stakes in the company. Cambridge Investment Research Advisors Inc. purchased a new stake in Galmed Pharmaceuticals in the 1st quarter worth about $42,000. Millennium Management LLC increased its holdings in Galmed Pharmaceuticals by 372.3% in the 2nd quarter. Millennium Management LLC now owns 50,748 shares of the biopharmaceutical company’s stock worth $35,000 after acquiring an additional 40,003 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. increased its holdings in Galmed Pharmaceuticals by 158.9% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 63,310 shares of the biopharmaceutical company’s stock worth $101,000 after acquiring an additional 38,856 shares during the last quarter. Hedge funds and other institutional investors own 10.30% of the company’s stock.

About Galmed Pharmaceuticals

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Galmed Pharmaceuticals Ltd. is a clinical-stage drug development biopharmaceutical company, which engages in the development of oral therapy for the treatment of non-alcoholic steato-hepatitis (NASH). Its product candidate, Aramchol, is a synthetic fatty acid-bile acid conjugate molecule for the oral treatment of NASH in patients who are overweight or obese and have prediabetes or type II diabetes mellitus.