- The stock price of Galecto Inc (NASDAQ: GLTO) increased by 60% today. This is why it happened.
The stock price of Galecto Inc (NASDAQ: GLTO) increased by 60% today as it went from a previous close of $5 to $8. Investors appear to be responding positively to a presentation from the company yesterday.
Yesterday, Galecto hosted a key opinion leader event to discuss the current treatment landscape and unmet clinical need for myelofibrosis as well as the potential for GB2064, which is Galecto’s LOXL2 inhibitor that is expected to enter a phase 2 trial in the current quarter.
The webinar featured a presentation by KOL Srdan Verstovsek, MD, Ph.D., UT MD Anderson Cancer Center — who discussed the opportunity for Galecto’s GB2064 as a potential treatment option. And Hans Schambye, Galecto’s President and CEO, provided an update about its development status.
GB2064 is an oral LOXL2 inhibitor that the company is planning to examine in a Phase 2a study for the treatment of myelofibrosis. And LOXL-2 is upregulated in myelofibrosis fibrotic tissue and plays a key role in fibrosis and disease progression in the tumor micro-environment. And as such, inhibiting LOXL-2 could restore bone marrow function and be disease-modifying. The current standard of care for myelofibrosis is JAK inhibitors — but its use is limited by side effects and loss of efficacy in many patients.
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