Cantor Fitzgerald analyst Elemer Piros last night initiated coverage of Galmed Pharmaceuticals (GLMD) with an Overweight rating and $59 price target. The stock closed yesterday down 45c to $10.55. The company is developing Aramchol, a novel, once-daily, oral therapy to treat liver diseases using fattyacid/bile-acid conjugates, Piros tells investors in a research note. The analyst believes that by Q4 of 2019, only three meaningful non-alcoholic steatohepatitis pivotal programs will be in development: Allergan's (AGN) cenicriviroc, Madrigal Pharmaceuticals' (MDGL) MGL-3196, and Galmed's Aramchol. Of the three drugs, Galmed's has the highest likelihood of achieving improvement on NASH resolution without worsening of fibrosis, and improvement in fibrosis score without worsening of NASH, Piros argues. He believes Galmed is undervalued relative to peers in the NASH space.

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