Cantor Fitzgerald analyst Kristen Kluska assumed coverage of Galmed Pharmaceuticals with an Overweight rating with a price target of $14, down from $59. When looking at companies in the nonalcoholic steatohepatitis space holistically, the analyst believes there is a disconnect in the valuation for Galmed. With a current market cap of $120M and being just the fourth biotech company to enter a pivotal NASH study, Galmed trades significantly below peers that have market caps ranging from $160M to $3B, Kluska tells investors in a research note. She believes results from the Phase 2b ARREST study were positive, especially on NASH resolution without worsening of fibrosis, which she thinks will set up for a positive Phase 3/4 ARMOR readout.