BUZZ-Biopharma co Galecto drops after $275 mln stock sale
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Biopharmaceutical company Galectosaw its shares drop 6.8% to $20.05 in premarket trading following a $275 million equity raise. The company sold approximately 14.5 million shares at $19 each, an 11.7% discount. Proceeds will fund preclinical studies, clinical trials, and R&D. Additionally, CEO Hans T. Schambye has stepped down, with COO Sherwin Sattarzadeh appointed as interim CEO. Despite a recent decline, all analysts covering the stock remain bullish, with price targets ranging from $36 to $46.
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