** Shares of Israel-based drug developer Galmed Pharmaceuticals GLMD.O down 5.5% to $1.38
** Maxim Group cuts rating from to "hold" from "buy," and removes PT
** Downgrading GLMD due to the lack of clarity on the path forward and strategic positioning - Maxim
** GLMD may also potentially require a capital raise to commence a clinical trial; under current market conditions, financing will likely be difficult and significantly dilutive, Maxim says
** Up to last close, GLMD had fallen over 52% YTD
(Reporting by Juby Babu in Mexico City)
((Juby.Babu@thomsonreuters.com;))
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