Galectin Therapeutics Inc’s (NASDAQ:GALT) stock continues to gain momentum this morning as a bunch of biotech stocks are leading the markets higher. After rising 9% in yesterday’s trading session, GALT stock is up another 24.40% and now trading at $3.67.
What is more interesting is that the recent sell-off in several biotech stocks did not hurt GALT stock and now the stock is just 5% away from its 52-week high of $3.85.
The stock has generated a lot of interest from biotech traders over the past week after the company announced last week the Journal for ImmunoTherapy of Cancer published its Phase 1 clinical research that showed its Galectin-3 inhibitor Belapectin enhanced the tumor response in combination with Anti-PD-1 Therapy.
From the technical perspective, GALT is in a solid breakout and trading above 50-day and the 200-day moving average price of $2.36 and $2.55 respectively. Biotech traders can look at the stop on some pullback.