On Tuesday, H.C. Wainwright adjusted its price target for Gain Therapeutics (NASDAQ:GANX) to $8.00 from the previous $9.00, while continuing to recommend the stock as a Buy. The revision follows the announcement made last week regarding a shift in the company's leadership. Matthias Alder, previously serving as CEO, has left Gain Therapeutics to seek new opportunities. Consequently, Gene Mack, the firm's CFO, has taken on the role of interim CEO as of June 25, 2024, while also maintaining his position as CFO.
In addition to Mack's appointment, Khalid Islam, Ph.D., the founder and Chairman of Gain Therapeutics' Board of Directors, will provide additional support as Executive Chairman until a new CEO is appointed. H.C. Wainwright anticipates no major shifts in the company's fundamental strategy moving forward. The firm highlighted that Gain Therapeutics' primary focus remains on advancing its leading drug candidate, GT-02287, which is being developed for the treatment of Parkinson's disease.
During a recent webcast, Mack emphasized the company's commitment to the rapid development of GT-02287. Gain Therapeutics' dedication to its core objectives has been reinforced by the expertise of Dr. Islam, who is recognized for his successful tenure in the biopharmaceutical industry, including a notable achievement where he played a key role in the sale of Gentium for €1 billion in 2013.
The price target adjustment to $8.00 by H.C. Wainwright reflects considerations of dilution stemming from a recent equity capital raise by Gain Therapeutics.
In other recent news, Gain Therapeutics, Inc. has made significant strides in its Parkinson's disease research, with its lead drug candidate, GT-02287, showing improvements in cognitive performance and daily living activities in a preclinical study. The company has also announced positive results from its Phase 1 clinical trial for GT-02287, which was well tolerated at all dose levels. This trial supports the continuation of GT-02287's development, with the completion of the multiple ascending dose portion anticipated in 2024.
Furthermore, Gain Therapeutics has announced its intention to offer and sell shares of its common stock in a public offering, with Titan Partners Group acting as the sole bookrunner. The proceeds from the offering are earmarked for the clinical and nonclinical development of GT-02287, among other corporate purposes.
In addition to these developments, Gain Therapeutics has recently welcomed Gene Mack as its new Chief Financial Officer and appointed Jonas Hannestad, M.D., Ph.D., as its Chief Medical Officer. Both bring extensive experience in their respective fields.
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