Diamonds and Dogs
Galmed Pharmaceuticals(GLMD) upgraded again. After rallying 13% yesterday on an upgrade from Cantor Fitzgerald with a price target of $59, Galmed Pharma is up 18% today on an upgrade from Stifel with a $35 target. Stifel believes Galmed's lead, wholly-owned asset Aramchol has proven itself in a recent P2b trial (ARREST) as a clearly active and very safe compound for treating NASH, a highly unmet medical need and projected multi-billion dollar market opportunity.
Department of Justice giving AT&T (T) headaches. AT&T is down 2% not far from a 52 week low on news the government would appeal the merger's approval of AT&T and Time Warner. The initial approval of the deal was expected to spur a wave of deals in the telecom and media industries. Raymond James downgraded AT&T this morning to a neutral from a buy, saying the DOJ's appeal is "a negative catalyst for the stock," calling it "a frustrating delay."